Director-General of Investment Promotion Stephen Phillips has signed an agreement to boost investment promotion with the UK, with a particular focus on innovation and technology and other emerging sectors.

He signed the memorandum of understanding with Director General, Trade & Investment of the British Consulate-General, Paul McComb during the GREAT Festival of Innovation today.

Witnessing the signing, Secretary for Commerce & Economic Development Edward Yau said the deal will reinforce the strong and long-standing economic and investment ties between Hong Kong and the UK.

"The technology emphasis also reflects our increasing focus on innovation to further strengthen Hong Kong's economic development," he said.

British Secretary of State for International Trade Dr Liam Fox, also present at the signing, said the agreement is a great step forward in the bilateral relationship.

"Getting our teams to work together to come up with innovative solutions that meet the challenges faced by small and medium enterprises seeking to set up in Hong Kong will make a huge difference to the number of companies investing in Hong Kong from the UK," he said.

The agreement focuses on the sharing of information and experiences in investment promotion, supporting each other's investment promotion events and programmes, and strengthening collaboration in promoting inward investments.

It also encourages the development of businesses with a technology focus, such as artificial intelligence, financial technology, health technology, biotechnology, smart city, clean technology, the creative sector and the experience economy.