$100mn development fund open for applications

Fund seeks to enhance the standard of local professional services.

The Professional Services Development Assistance Scheme is accepting a new round of applications from non-profit-distributing professional, trade or industrial organisations and research institutes from Monday.

The $100 million fund increases the competitiveness of Hong Kong's professional services on the Mainland and in other markets, and seeks to enhance the standard of local professional services.

Grants are given on a dollar-for-dollar matching basis. The maximum grant amount for a project is $2 million.

Since 2002, there have been 266 projects approved, ranging from conferences and training programmes to exchange visits and promotional activities, with total funding of $89.9 million. Of these, 96 projects were related to enhancing the competitiveness of Hong Kong's professional services in the Mainland market.