Hong Kong Plans to Pour $258Mln Into IT Industry

The money will be allocated to establish and invest in various Internet projects, to double the number of Wi-Fi access points up to 34,000 in three years, as well as to double the speed of the wireless Internet connection in public areas.

BEIJING (Sputnik) — The government of Hong Kong is due to allocate 2 billion Hong Kong dollars (some $258 million) to establish an IT fund for the high-tech development in the region, Chief Executive of Hong Kong Leung Chun-ying said.

"Innovation and technology can improve our everyday life in a wide range of aspects, including communication, transportation, healthcare, education, the environment, public order, consumer spending and food safety," the head of the Hong Kong government said, as quoted by South China Morning Post on Wednesday.

Leung also said the money would be allocated to establish and invest in various Internet projects, to double the number of Wi-Fi access points up to 34,000 in three years, as well as to double the speed of the wireless Internet connection in public areas.

Leung announced incubation scheme quotas would be increased and new clusters for financial technology and e-commerce would be established. The funds allocated will allow a 50-percent increase in the number of facilities such as SmartSpace small offices and workstations.

Hong Kong's start-up scene is ranked fifth in the world, according to the media outlet.