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The Industry and Technology Development Council (ITDC) today (Wednesday) approved an additional 35 projects for funding support under the Industrial Support Fund (ISF).

Established in 1994, the ISF aims to support projects that can contribute to the industrial or technological development in Hong Kong.

Forty-seven projects from the first batch of applications were approved by the ITDC in May.

The Secretary of ITDC and Assistant Director-General of Industry, Ms Annie Choi said the objectives of the successful projects in the second batch could be broadly categorised as infrastructural support, development of new technologies, database development and promotional activities such as technology exhibitions and conferences etc.

"The vetting process was not easy because of the large number and technical nature of the applications.

"The main criterion adopted by the ITDC was whether there was a genuine need in the industry for the technology or support services provided," Ms Choi said.

"One way to ascertain the industrial relevance of a project is to see whether the project has industrial sponsorship or participation.

"Of the 35 approved applications, 18 have already secured industrial sponsorship either in cash or in kind and the total amount is around $22 million," she added.

The total project costs amounting to some $140.8 million are to be used for over a period of four years.

Funds required in the 1998-99 financial year would be around $65.1 million, with a commitment of $49.4 million, $20.6 million and $5.7 million for fiscal years 1999-2000, 2000-2001 and 2001-2002 respectively.

"Of these successful applications, 13 are from higher educational institutions, 12 from industrial support bodies, four from trade and industrial organisations, four from research institutes and two from the Industry Department," Ms Choi said.

If these applications are classified according to the relevant industrial sector, six are in the biotechnology sector, six in the electronics sector, five in the information technology sector, three in the metals sector, three in the plastics sector, two in the textiles and clothing sector and ten in the general category.

"The applicants will be informed of ITDC's decision shortly, and funds will be disbursed in January 1999," she added.

End/Wednesday, November 11, 1998

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