Chinese multinational tech titan, Alibaba has committed to investing HK$5 billion in Hong Kong's entertainment industry to support its promotion to a global audience.

On Monday, Alibaba announced that Hong Kong-produced television dramas, films, events, and the training of young creatives will be financially supported by video platform Youku, Alibaba Pictures, and other businesses within Alibaba's media division.

The so-called "Hong Kong Cultural and Art Industry Revitalisation Program" will be undertaken over five years, focusing on enhancing film production and distribution, acquiring rights, and producing television series, according to a government statement.

During its presentation at the Hong Kong International Film and TV Market exhibition, the programme will also offer investments in concerts, performance venue collaboration and the development of talent.

Alibaba also plans to collaborate with film and television companies in Hong Kong for co-producing films and television series, which will be available on streaming platforms.

The government hopes the investment will bring Hong Kong's film and television entertainment sector "to the next level," according to the Secretary for Culture, Sports and Tourism, Kevin Yeung.

"We eagerly hope that [Alibaba Digital Media and Entertainment Group] will work more closely with the film and TV industry of Hong Kong to develop new modes of co-operation and explore business areas, to nurture new talent, and to create rich and diversified content for film and TV," Yeung went on to say.

In his Policy Address last October, Chief Executive John Lee committed to helping the industry attract private sector capital and expand into new markets. This included injecting HK$4.3 billion into the Film Development Fund and the CreateSmart Initiative. 

Additionally, the government pledged HK$200 million to support 20 local film projects, aiming to enhance their prospects for release in mainland China.