Hong Kong is working with Austria to grow its startup ecosystem, signing an agreement this week.

The agreement will see start-ups, incubators, venture capital funds and startup-promotion agencies linking across both countries.

Hong Kong and Austria have agreed to collaborate on the exchange of expertise and knowledge on the local start-up economy. They will also cooperate to market their start-ups in relevant international markets.

Nicholas Yang, Secretary for Innovation and Technology of Hong Kong, also visited a smart city initiative on elderly care during his trip to Austria.

Hong Kong announced a fund of US$257.7 million in its Budget this year to invest in local startups and another US$64.4 million to fund smart city projects.

Image by Jo Schmaltz, licensed under CC BY-SA 2.0