Vetting Committee supports three applications under New Industrialisation Acceleration Scheme
The Innovation and Technology Commission announced today (September 3) that the New Industrialisation Vetting Committee (the Vetting Committee) under the Innovation and Technology Fund has supported in principle three applications submitted by Huayao International Co., Limited (a subsidiary of Jiuhua Huayuan Pharmaceutical Co., Ltd), HKIC International Technology Limited, and Hong Kong Smart Construction Industry Park Limited (a subsidiary of China State Construction International Holdings Limited) respectively under the New Industrialisation Acceleration Scheme (NIAS).
Huayao International Co., Limited plans to set up production lines for health supplements, with an estimated total investment exceeding $240 million and an expected NIAS funding amount of around $80 million. HKIC International Technology Limited plans to set up a production line for semiconductor memory modules and storage devices, with an estimated total investment of over $210 million and an expected NIAS funding amount of around $70 million. Hong Kong Smart Construction Industry Park Limited plans to set up processing facilities for steel rebar prefabrication and Multi-trade integrated Mechanical, Electrical and Plumbing (MiMEP), with an estimated total investment of nearly $390 million and an expected NIAS funding amount of around $130 million.
The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, "The Government of the Hong Kong Special Administrative Region (HKSAR) actively promotes the development of industries of strategic importance and provides support for enterprises to set up new smart production facilities in Hong Kong through the NIAS. The Vetting Committee supported three projects this time, covering the sectors of life and health technology as well as advanced manufacturing, which demonstrates our commitment to advancing the development of new industrialisation in Hong Kong. The HKSAR Government will continue to adopt a multi-pronged approach to foster a more vibrant ecosystem for industries, thereby opening up new space for high-quality development of Hong Kong."
The NIAS aims to 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, AI and data science, advanced manufacturing and new energy technologies) and contributing no less than $100 million to set up new smart production facilities in Hong Kong. Each enterprise can receive up to $200 million of funding. In addition, the Government also provides additional funding for relevant enterprises to engage research talents and/or technical personnel.
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: 3543 5904; email: enquiry@itf.gov.hk).
