One more application under New Industrialisation Acceleration Scheme supported by Vetting Committee
The Innovation and Technology Commission announced today (April 7) that the New Industrialisation Vetting Committee (the Vetting Committee) under the Innovation and Technology Fund has supported an application submitted by Advanced Isotopes Technology Asia Limited under the New Industrialisation Acceleration Scheme (NIAS). The project plans to set up production lines for a medical-use superconducting cyclotron and radionuclide medicines with smart production facilities that encompass high-end advanced technologies in the life and health technology sector. This is the second NIAS project supported by the Vetting Committee. The estimated total cost of the project is over $400 million and the expected NIAS funding amount will be around $140 million.
The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, "Facing the complex and changing international situation, Hong Kong needs to be more proactive in integrating into the development of the country's modern industrial system and accelerate the advancement of new industrialisation. We are glad to see one more enterprise with international elements set up new smart production facilities in Hong Kong with funding support from the NIAS. By leveraging advanced technologies, enterprises can enhance productivity, create job opportunities and inject new impetus into the economy. We look forward to more enterprises from the Mainland and overseas developing smart production facilities in Hong Kong, driving the sustainable growth of our economy."
The Government launched the NIAS in September 2024. The NIAS provides funding support on a 1 (Government): 2 (enterprise) matching basis for enterprises engaging in industries of strategic importance (i.e. life and health technology, AI and data science, advanced manufacturing and new energy technologies) and contributing no less than $200 million to set up new smart production facilities in Hong Kong. For each project, the minimum total project cost is $300 million. Each enterprise can receive up to $200 million of funding under the NIAS. In addition, the Government encourages 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 operating the new production facilities in Hong Kong.
The NIAS is open for applications throughout the year. Details are available on the website of the Innovation and Technology Fund (www.itf.gov.hk). For enquiries, please contact the Secretariat of the scheme (Tel: 3655 5678; email: nias@itf.gov.hk).
