Published: 5 March 1999 14:33 GMT
Hong Kong has announced plans to develop its own Silicon Valley. The proposal to invest HK$13bn (£1.04bn) to create a hub of high-tech companies were announced in financial secretary Donald Tsang's budget this week.
High-tech companies including Hewlett-Packard, Hua Wei, Oracle, Softbank, Yahoo!, IBM and Sybase have already signed tenancy agreements with the government.
The 'cyberport' will be based in Pokfulam and academic links will be set up with nearby Hong Kong University. The government said it hopes the site will provide the infrastructure for the development of software applications and services as well as multimedia and film.
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