Artificial intelligence is driving Hong Kong’s next chapter in attracting global investment, with the city well positioned for talent and innovation, Financial Secretary Paul Chan Mo-po said on Wednesday.

Global private capital investment in AI had already exceeded US$190 billion this year, signalling a structural shift that showed AI was a “powerful enabler” across sectors, Chan said in his opening address at the Global Financial Leaders’ Investment Summit.

Hong Kong would develop AI as a core industry and promote it as an enabler to upgrade traditional sectors by leveraging top local universities and the capabilities of the Greater Bay Area, which includes Hong Kong, Macau and nine other cities in southern China, Chan said.

“Hong Kong is where you want to invest” as it was making strides in building a vibrant and globally connected AI ecosystem, he added.

Chan noted that Hong Kong had already attracted leading enterprises in the field via its incentive schemes and funding programmes. The Hong Kong Investment Corporation, the government’s investment arm, has invested or co-invested in AI companies, including start-ups.