Hong Kong Launches $10 Billion Scheme for Smart Production Facilities in Strategic Industries

Government launches $10 billion New Industrialisation Acceleration Scheme to encourage setting up new smart production facilities

The Innovation and Technology Commission today (September 16) launched the New Industrialisation Acceleration Scheme (NIAS) to provide funding support for enterprises in industries of strategic importance to set up new smart production facilities in Hong Kong. Eligible enterprises are welcome to apply.

"To promote the downstream development of new industrialisation, the Chief Executive announced the $10 billion New Industrialisation Acceleration Scheme in his Policy Address last year. It is hoped that the scheme can encourage enterprises to make use of innovation and technology to achieve smart production and enhance competitiveness," a spokesman for the Commission said.

Under the NIAS, the Government will provide funding support on a 1 (Government): 2 (enterprise) matching basis for enterprises engaging in industries of strategic importance (i.e. life and health technology, artificial intelligence and data science, advanced manufacturing and new energy technologies) to set up new smart production facilities in Hong Kong. For each project, the minimum total project cost is $300 million. The enterprise has to contribute no less than $200 million and the Government will cover a maximum of one-third of the total approved project cost or $200 million, whichever is lower. Each enterprise may have a maximum of two projects approved, receiving up to $200 million in total under the NIAS.

In addition, the Government will encourage enterprises with approved projects under the NIAS to carry out research or increase their scale of research in Hong Kong by providing additional funding for them to engage research talent, as well as facilitate such enterprises in employing non-local talent required for setting up or operation of new production facilities in Hong Kong.

The NIAS is open for application throughout the year. Details are available at the Innovation and Technology Fund website (www.itf.gov.hk). For enquiries, please contact the Secretariat of the NIAS (Tel: 3655 5678; email: nias@itc.gov.hk).

LegCo delegation begins duty visit to Japan

The following is issued on behalf of the Legislative Council Secretariat:

The Legislative Council (LegCo) delegation (the delegation), led by the President of LegCo, Mr Andrew Leung, began a four-day duty visit in Japan today (December 21) to strengthen ties with Japan and gain a deeper understanding of the latest situations and opportunities of the country in the areas of trade, culture and tourism, fisheries and agriculture, and food safety.

Upon arrival in Tokyo, the delegation had dinner and exchanged views with representatives of the Hong Kong Economic and Trade Office in Tokyo. Members and the Principal Hong Kong Economic and Trade Representative (Tokyo), Miss Winsome Au, discussed issues such as fostering the bilateral economic and trade relations between Hong Kong and Japan, attracting investment, and promoting Hong Kong tourism. Members also gained insight into the latest developments of Japanese culture, and explored the opportunities for collaboration between Hong Kong and Japan’s cultural industries. Mr Leung expressed gratitude to the Hong Kong Economic and Trade Office in Tokyo for their assistance in facilitating this duty visit.

The delegation will continue their duty visit in Japan tomorrow (December 22).

The delegation is led by Mr Leung. The Deputy delegation leader is the Chairman of the Parliamentary Liaison Subcommittee, Mr Tommy Cheung. Other participating Subcommittee members are Mr Jeffrey Lam, Mr Dominic Lee, Ms Nixie Lam, Ms Joephy Chan, Mr Tang Fei and Mr Yim Kong.

LegCo delegation begins duty visit to Japan Source: HKSAR Government Press Releases