HK launches $10b scheme to boost smart production facilities

The government will provide the funding through investments on a 1:2 basis. 

The Innovation & Technology Commission launched a $10b New Industrialisation Acceleration Scheme (NIAS) to subsidise enterprises in setting up new smart production facilities in Hong Kong.

The government will provide funding by supplementing investments, on a 1:2 basis, by enterprises. 

The minimum total project cost for each project is $300m, with enterprises contributing no less than $200m and the government providing a maximum of one-third of the total approved costs or $200m, whichever is lower.

Meanwhile, the maximum of $200m provided under the scheme may be split between two approved projects at most.

The government encourages enterprises with approved projects to carry out research in Hong Kong, or increase the scale of their research in the city, by providing additional funding for them to engage research talent, and to employ any non-local talent required for setting up their new production facilities. 

Applicants for the funding must be engaged in either of the following sectors: life and health technology, artificial intelligence, data science, advanced manufacturing, or new energy technology.