NEW INDUSTRIALISATION FUND LAUNCHED

The Innovation & Technology Commission today launched a $10 billion New Industrialisation Acceleration Scheme to provide funding support for enterprises in strategically important industries to set up new smart production facilities in Hong Kong.

The Government will provide funding by supplementing investments, on a 1:2 basis, by enterprises. Applicants for the funding must be engaged in either of the following sectors: life and health technology, artificial intelligence, data science, advanced manufacturing, or new energy technology.

The minimum total project cost for each project is $300 million, with enterprises contributing no less than $200 million and the Government providing a maximum of one--third of the total approved costs or $200 million, whichever is lower.

The maximum of $200 million provided under the scheme may be split between two approved projects at most.

In addition, the Government will encourage enterprises with approved projects to carry out research in Hong Kong, or increase the scale of their research in the city, by providing additional funding for them to engage research talent, and to employ any non-local talent required for setting up their new production facilities in Hong Kong.

The New Industrialisation Acceleration Scheme is open for applications throughout the year. Call 3655 5678 or email nias@itc.gov.hk for enquiries.

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