NEW INDUSTRIALISATION PROJECT BACKED

The Innovation & Technology Commission (ITC) today announced that the New Industrialisation Vetting Committee has, for the first time, given its support to an application under the New Industrialisation Acceleration Scheme (NIAS). If approved by the Commissioner for Innovation & Technology, funding of around $200 million will be awarded to Jean-Marie Pharmacal Company, a subsidiary of the Jacobson Group.

The firm is involved in the life and health technology sector and plans to set up smart production lines for sterilised eye drops, oral solid doses and oral liquid doses. The total cost of the project is estimated at around $600 million.

Additionally, the ITC said the number of new smart production lines supported by the vetting committee under the New Industrialisation Funding Scheme (NIFS) now exceeds 100. The total cost for these projects is estimated at $1.3 billion, with $930 million coming from private investments.

The sectors involved are food manufacturing and processing; textiles and clothing; construction materials; medical devices; nanofibre materials; new energy; pharmaceuticals, including Chinese medicines; electronics; printing; and product accessories.

Secretary for Innovation, Technology & Industry Prof Sun Dong said: “The Government proactively engages in innovation and technology (I&T) industry development. By launching the NIFS and the NIAS, we aim to promote new industrialisation and secure room for high-quality development in Hong Kong.

“We are glad to see that enterprises are actively participating in the two funding schemes, making use of I&T to achieve smart production and enhance competitiveness.

“The Government will continue to assist more enterprises to set up new smart production facilities in Hong Kong and support local enterprises in technology upgrade and achieving new industrialisation, so as to foster the development of Hong Kong's manufacturing industry and diversified economy.”

Launched in September 2024, the $10 billion NIAS provides funding support for eligible enterprises to set up new smart production facilities in Hong Kong. The sectors covered include life and health technology, artificial intelligence and data science, advanced manufacturing, and new energy technologies.

Meanwhile, the NIFS subsidises manufacturers to set up new smart production lines in the city.

Both schemes award grants on a 1 (Government) to 2 (enterprise) matching basis.

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