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October 8, 1998

HK TO SPEND $646M ON IT INVESTMENT

By CBR Staff Writer

The Chief Executive of Hong Kong, Tung Chee-hwa has promised a total of $646m in government investment for the island’s IT sector. The investment, called the innovation and technology fund, will be divided between various public projects – such as $22m for a city-wide public intranet and $426m for a technology and science park. Tung also pushed for a strengthening of technology ties with China. However, IT Daily reports that some commentators have dismissed the fund as too little, too late, saying that HK is already lagging behind other Asian countries, such as Singapore and Malaysia.

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