Secretary for Innovation & Technology Nicholas Yang says the Chief Executive will announce tax incentives to boost the I&T sector in her October Policy Address.

Speaking to reporters after attending a radio programme today, Mr Yang said other measures to promote I&T include the establishment of the Innovation & Technology Venture Fund.

“This fund will kick-start in September. Right now, we are just finalising some of the legal details because it turns out that we need to sign a lot of legal documents with the venture capitalists and also the so-called investees, the people who will receive the funding.

“We need to make sure the agreement is done in a robust manner.”

On the development of the Hong Kong-Shenzhen Innovation & Technology Park in the Lok Ma Chau Loop, he said the project is progressing well.

“The Town Planning Board has already published the overall planning details and also we have gazetted this parcel of land for preliminary developmental work.

“Design of these advance works which will include the construction of roads, which are needed to actually start developing this parcel of land, is also proceeding.

“By the end of this year or early next year, we will go to the Legislative Council and apply for funding for the advance works.”

SOURCE: news.gov.hk