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First application under New Industrialisation Acceleration Scheme supported by Vetting Committee and number of smart production lines supported under New Industrialisation Funding Scheme exceeding 100
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     The Innovation and Technology Commission (ITC) announced today (February 5) that the New Industrialisation Vetting Committee under the Innovation and Technology Fund (ITF) has supported an application under the New Industrialisation Acceleration Scheme (NIAS) submitted by Jean-Marie Pharmacal Company Limited, a subsidiary of the Jacobson Group, covering the life and health technology sector. The project plans to set up smart production lines for sterilised eye drops, oral solid dose and oral liquid dose. This is the first NIAS project supported by the Vetting Committee. The total cost of the project is projected to be around $600 million, and the expected NIAS funding amount involved will be around $200 million.
      
     At the same time, the ITC announced that the number of new smart production lines supported by the Vetting Committee under the New Industrialisation Funding Scheme (NIFS) has exceeded 100 since the launch of NIFS, involving industries such as food manufacturing and processing (including health food), textiles and clothing, construction materials, medical devices, nanofiber materials, new energy, pharmaceutical (including Chinese medicine), electronics, printing and product accessories with a total estimated project cost of around $1.3 billion, of which $930 million came from private investment.
      
     The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, "The Government proactively engages in innovation and technology (I&T) industry development. By launching the NIFS and the NIAS, we aim to promote new industrialisation and secure room for high-quality development in Hong Kong. We are glad to see that enterprises are actively participating in the two funding schemes, making use of I&T to achieve smart production and enhance competitiveness. The Government will continue to assist more enterprises to set up new smart production facilities in Hong Kong and support local enterprises in technology upgrade and achieving new industrialisation, so as to foster the development of Hong Kong's manufacturing industry and diversified economy."
      
     The Chief Executive announced in the 2023 Policy Address the establishment of the $10 billion NIAS, which was launched 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, artificial intelligence and data science, advanced manufacturing and new energy technologies) and contributing no less than $200 million to set up new smart production facilities in Hong Kong. For each project, the minimum total project cost is $300 million. The enterprise has to contribute no less than $200 million, and the Government will cover a maximum of one-third of the total approved project cost or $200 million, whichever is lower. Each enterprise can receive up to $200 million in 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).
 
Ends/Wednesday, February 5, 2025
Issued at HKT 11:50
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