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Wellington's economic development agency is hopeful a $20 million digital innovation hub proposed for the capital could help attract more foreign business to New Zealand shores.

The New Zealand Institute for Screen Innovation and the Hong Kong digital hub Cyberport are working together to establish the centre, which would be a smaller version of a $2.8 billion hub already being run in Hong Kong.

The central Wellington centre would house the New Zealand Symphony Orchestra and facilities to allow it to record musical scores for films, as well as other digital entertainment ventures.

New Zealand Hopes 'digital hub' will attract foreign business