HKSAR gov't launches new scheme to nurture smart production facilities

HONG KONG, Sept. 16 (Xinhua) -- The Innovation and Technology Commission of the Hong Kong Special Administrative Region (HKSAR) government on Monday launched a 10-billion-Hong Kong dollar scheme to provide funding support for enterprises in industries of strategic importance to set up new smart production facilities in Hong Kong.

The New Industrialization Acceleration Scheme (NIAS) will encourage enterprises to make use of innovation and technology to achieve smart production and enhance competitiveness, said a spokesperson for the commission.

Under the NIAS, the HKSAR government will provide funding support at a matching ratio of 1 (government): 2 (enterprise) for companies in industries of strategic importance to install smart production facilities. These industries are life and health technology, artificial intelligence and data science, advanced manufacturing as well as new energy technologies.

The maximum amount the HKSAR government will cover is the lower figure out of one-third of the total approved project expense and 200 million Hong Kong dollars (about 26 million U.S. dollars).

It will also 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 employ research talent.