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The Research and Development (R&D) Cash Rebate Scheme announced in the Policy Address will help to further enhance Hong Kong's R&D capabilities and the competitiveness of enterprises, so that more business and employment opportunities will be created, the Commissioner for Innovation and Technology, Miss Janet Wong, said today.
Addressing the Roundtable for Entrepreneurship Education co-organised by the Chinese University of Hong Kong and Stanford University, Miss Wong said that under the scheme, enterprises conducting applied R&D projects with the support of the Innovation and Technology Fund (ITF) or in partnership with local designated research institutions will enjoy a cash rebate equivalent to 10% of their investments.
She stressed that Hong Kong needed to take every opportunity to further enhance our competitiveness to remain in a strong position in the post-tsunami global competition.
"To achieve this, we have been adopting a multi-pronged strategy including main elements such as the provision of financial support, development of modern technological infrastructures and facilities, as well as the promotion of technology transfer from laboratories to marketplace," she said.
On funding support, Miss Wong noted that the ITF had supported a total of 1,626 projects involving total funding of $4.6 billion so far.
Through those projects supported by the fund, the Innovation and Technology Commission has successfully encouraged and assisted many Hong Kong companies to upgrade their technological level and introduce innovative ideas to their businesses.
Under the ITF, the Small Entrepreneur Research Assistance Programme provides pre-venture capital funding on a matching basis, which can be up to $4 million, for small technology entrepreneurs to undertake innovative projects and conduct market validation. So far, over 290 projects have benefited from the programme, and many companies through those projects have succeeded in establishing a strong position in their market with products and services developed under the programme.
Turning to infrastructure, Miss Wong said since the establishment of the Science Park in 2001, clusters in key technology areas like electronics, information technology and telecommunications, biotechnology, precision engineering and green technology have begun to prosper in the park.
At present, there are about 280 companies in the Science Park, providing employment to over 7,000 professionals and achieving a total estimated annual turnover of $62 billion.
Miss Wong said, "We are now considering another phase of expansion of the Park to cater for the future demand for such an excellent R&D environment and support services."
In addition, she said the Hong Kong Applied Science and Technology Research Institute (ASTRI) had also demonstrated notable strengths in R&D and had successfully transferred a number of technologies to the industry.
Miss Wong emphasised that Hong Kong was in a good position to strengthen technology co-operation with the Mainland to promote Hong Kong as a regional hub for innovative and technology.
Under the Guangdong-Hong Kong Technology Co-operation Funding Scheme launched in 2004, the two sides have supported more than 850 projects with a total funding of nearly $2 billion covering various technology areas, such as information and communication technology, biomedicine, new materials and nanotechnology, and precision manufacturing technologies and products.
Miss Wong said, "Local universities, research institutes, industry support organisations, professional bodies and individual companies have all benefited from this scheme."
In March 2009, under the concept of the "Shenzhen-Hong Kong Innovation Circle", the two cities agreed on a joint action plan for technology co-operation in the coming three years. This plan comprises 24 co-operation projects under three categories: provision of laboratories or facilities, sharing of technological resources, and major collaborative research projects in selected technology areas.
Miss Wong said, "We will continue to actively promote development of innovation and technology to ensure Hong Kong can maintain its competitive advantages and offers the best possible environment and opportunities for businesses to succeed."
Ends/Wednesday, October 21, 2009
Issued at HKT 16:08
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