Chief Executive John Lee on Monday said his administration is committed to propelling the territory's rise as a global cultural hub.

He pledged to develop Hong Kong into an "East-meets-West centre" for international cultural exchanges and support film, arts and design projects.

"This financial year we will inject US$180 million into our Film Development Fund and US$370 million into our CreateSmart Initiative, supporting projects in film, arts, design and other cultural initiatives," Lee said at the inaugural Hong Kong International Cultural Summit.

"We will introduce a Signature Performing Arts Programme Scheme to encourage world-class performing arts productions and international cultural brands to be staged as long-running shows in Hong Kong... We are determined to support more local arts groups and artists in performing outside Hong Kong."

The CE also said that more than 20 memoranda of understanding and cultural cooperation agreements between Hong Kong and overseas institutions have been signed during the summit.

"They will create invaluable opportunities for our performing arts groups, artists and young people to broaden their creative horizons," he said.

Echoing the chief executive, Henry Tang, chairman of the West Kowloon Cultural District Authority, said the agreements signed are "a solid vote of confidence" in the city.

He said the district has become one of the most popular cultural landmarks in Asia.

"Since the reopening of Hong Kong after the pandemic in early 2023, [West Kowloon Cultural District] has provided a brilliant showcase of Hong Kong's soft power to the world," Tang said.

"We were one of the most popular visiting spots during the Lunar New Year... [West Kowloon Cultural District] has become one of the most popular cultural landmarks in Asia, and the sixth most visited destination in Hong Kong in 2023."