Third application announced under New Industrialisation Acceleration Scheme supported by Vetting Committee and enhancement measure launched for New Industrialisation Funding Scheme
The Innovation and Technology Commission (ITC) announced today (June 25) that the New Industrialisation Vetting Committee under the Innovation and Technology Fund has supported an application submitted by J Cube Semiconductor (Hong Kong) Limited under the New Industrialisation Acceleration Scheme (NIAS). The project plans to set up third-generation semiconductor silicon carbide wafer production facilities, which fall under the advanced manufacturing technology sector. This is the third NIAS project supported by the Vetting Committee. The estimated total cost of the project is over $700 million, and the expected NIAS funding amount will be $200 million.
At the same time, to further support enterprises in adopting smart manufacturing and to seize market opportunities, the ITC has introduced an enhancement to the New Industrialisation Funding Scheme (NIFS). For NIFS applications seeking funding support of no more than $2.8 million, they will be processed according to the newly established streamlined procedures to speed up the process of approving NIFS applications.
The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, "The Government actively promotes the development of new industrialisation through the NIAS and the NIFS, injecting new impetus into Hong Kong's economy. We are pleased that enterprises are making use of the funding support from these two schemes to set up new smart production facilities in Hong Kong. Funded enterprises will bring to Hong Kong the relevant technologies and expertise of product manufacturing, driving the development of Hong Kong's new industrialisation and diversified 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 setting 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 facilitating such enterprises in employing non-local talent required for setting up or operating the new production facilities in Hong Kong.
The NIFS aims to subsidise manufacturers on a 1 (Government): 2 (enterprise) matching basis to set up new smart production lines in Hong Kong. The funding ceiling for each project is one-third of the total project cost or $15 million, whichever is lower. Each enterprise can carry out up to three projects concurrently to receive a maximum total funding of up to $45 million under the NIFS.
The NIAS and the NIFS are 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 schemes (Tel: 3655 5678; email: enquiry@itf.gov.hk).
