The government will establish a health tech hub to attract outside research talent and launch a funding scheme to support companies in using advanced technologies, as part of its efforts to build Hong Kong into an international I&T centre.

Announcing his annual budget on Wednesday, Financial Secretary Paul Chan said an "InnoLife Healthtech Hub" will be set up at the Hong Kong Shenzhen Innovation and Technology Park at the Lok Ma Chau Loop to attract talent and research teams from around the world.

Chan added that the government will allocate HK$2 billion to support the research clusters and HK$200 million to help start-ups specialising in life and health technology.

The first batch of buildings in the park will start operating by the end of this year, and a white paper on the park's development will be announced this year.

Meanwhile, the finance minister said authorities will launch a HK$10 billion New Industrialisation Acceleration Scheme this year to support enterprises in sectors such as life and health technology, AI and data science, advanced manufacturing and new energy technology.

Each company will receive funding of up to HK$200 million on a matching basis and should invest no less than HK$200 million in the city.

Chan said there will also be a new Frontier Technology Research Infrastructure Support Scheme to help universities procure facilities and conduct research related to AI, quantum information and gene and biotechnology.