The two-day Internet Economy Summit opened today with 2,400 participants registering to hear the views of 50 renowned experts from around the world.

Themed "New Impetus for the New Economy", the summit is focusing on how technological advancement in artificial intelligence, the Internet of Things, big data and cloud computing will further power innovation and business growth.

Speaking at the summit, Chief Executive Carrie Lam said the Government is committed to boosting innovation and technology.

"Investment is only one, though an important one, measure to achieve our ultimate goal of fostering economic development and improving people's daily lives through wider application of innovation and technology.

"We must keep reinforcing and upgrading our capability, as well as providing a conducive ecosystem for innovation and technology development in Hong Kong."

She said the Government will provide a tax deduction of up to 300% for research and development expenditure incurred by enterprises.

It will launch a $500 million Technology Talent Scheme by the third quarter to encourage more young people to engage in R&D and technology entrepreneurship as a long-term career.

It has also earmarked $10 billion to support the establishment of two research clusters in Hong Kong, one on healthcare technologies and the other on artificial intelligence and robotics.

The summit will continue tomorrow.