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Hong Kong has launched a HK$2 billion (US$256 million) fund to encourage investment in local innovation and technology start-ups, in an effort to boost new economic activity.

The government said on Friday it is inviting venture capital funds to apply to become co-investment partners of the new Innovation and Technology Venture Fund (ITVF).

“The ITVF will help fill the funding gap for local technology start-ups. We are confident that having this new fund will be conducive to developing a more vibrant Hong Kong innovation and technology ecosystem,” said Nicholas W Yang, the secretary for innovation and technology.