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Hong Kong to set up youth innovation and entrepreneurship bases

The Chief Executive, Mr LEE Ka-chiu, said that in order to further support Hong Kong's start-up teams, an alliance of Hong Kong Youth Innovation and Entrepreneurship Bases in the Greater Bay Area will be established within this year, and representative organizations in Guangdong and Hong Kong, including universities, non-governmental organizations, venture capital funds, etc., will be invited to join the alliance to set up a one-stop platform to support Hong Kong young people starting up businesses in cities in the Greater Bay Area.

The idea of setting up an alliance of Hong Kong youth innovation and entrepreneurship bases in the Greater Bay Area (GBA) was proposed as early as in the 2019 Policy Address to support Hong Kong young people starting up businesses in Mainland cities in the Renmin Bay Area. The Secretary for Home and Youth Affairs, Ms Alice Mak, said in August last year that the Bureau would kick off the preparatory work for the alliance later. It is learnt that the Alliance will be formally established in December this year.

In January 2022, in response to a question raised by a Member of the Legislative Council, the Secretary for Constitutional and Mainland Affairs, Mr. TSANG Kwok-wai, said that the Alliance of Hong Kong Youth Innovation and Entrepreneurship Base in the Greater Bay Area would invite relevant organizations in Guangdong and Hong Kong, including dual innovation bases of strength and proven track record of support, universities, non-government organizations (NGOs), scientific research institutes, professional bodies, venture capital funds, etc, to join the Alliance, and jointly establish a one-stop platform for information, publicity and exchange. Members of the Alliance and representatives of Hong Kong young entrepreneurs will meet with the governments of Guangdong and Hong Kong on a regular basis to review the latest situation of the development of dual innovation, listen to the aspirations of stakeholders, deal with the problems encountered by entrepreneurs, and summarize their experiences to improve the mechanism, so as to turn the Alliance into a platform for dealing with entrepreneurial problems effectively.

Mr. Lee Ka Chiu said at the Greater Bay Area Young Entrepreneurs Award Presentation Ceremony today that an alliance would be established within this year. He also pointed out that the Guangdong-Hong Kong-Macao Greater Bay Area construction to promote the country's high-quality development is the focus of Hong Kong's future development, but also Hong Kong's youth opportunities, the SAR Government is fully committed to young people in Hong Kong and the Greater Bay Area cities in the business start-ups to provide in place to support the launch of the Greater Bay Area Youth Entrepreneurship Grants Program, and the Greater Bay Area Innovation and Entrepreneurship Base Experience Funding Program.

Mr. Lee also mentioned that the Central Government announced the Loop Plan last month to promote the high-quality development of innovation and technology in the Greater Bay Area, and that the HKSAR Government will join hands with the Shenzhen Government to encourage more entrepreneurs to settle in the Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone (SZ-HKSTICZ).

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