In his 2020-21 Budget Speech, the Financial Secretary announced that he would use part of the Future Fund to establish the HKGP to make strategic investments in projects with a Hong Kong nexus. The objectives are to reinforce Hong Kong’s status as a financial, commercial and innovation centre, and raise the productivity and competitiveness of Hong Kong in the long run.
Separately, the Financial Secretary announced in his 2022-23 Budget Speech that he will increase the funding allocated to the HKGP under the Future Fund by $10 billion, of which $5 billion will be used to set up the Strategic Tech Fund (STF). As for the remaining $5 billion, it will be used to set up a Greater Bay Area (GBA) Investment Fund, which will focus on investment opportunities in the GBA.
In the 2022 Policy Address, the Chief Executive of the HKSAR announced the establishment of HKIC to further optimise the use of financial reserves for promoting the development of industries and the economy. In this regard, the HKIC is established to manage the investment activities of the HKGP, the GBA Investment Fund and the STF, as well as the newly established Co-Investment Fund, in pooling together relevant resources for attracting and supporting enterprises to develop their business in Hong Kong.
The management of the HKGP has been transferred to the HKIC. For more information, please visit HKIC’s website (www.hkic.org.hk).