HKPC to offer two subsidy measures to strengthen industrialisation

A 30% concession of manpower cost will be offered to an applicant.

The Hong Kong Productivity Council (HKPC) has announced two subsidy measures to facilitate the policy of the government to promote new industrialisation and strengthen industry support.

From 1 December 2024 until 31 March 2026, a 30% concession of manpower cost will be offered to the applicant and potential applicant companies of the ‘New Industrialisation Acceleration Scheme’ (NIAS).

The New Industrialisation Acceleration Scheme was launched by the Innovation and Technology Commission, aiming to fund enterprises engaging in industries of strategic importance to set up new smart production facilities in Hong Kong.

Funding will be provided on a 1(government): 2(enterprise) matching basis, with a minimum total project cost of $300m. The enterprise has to contribute no less than $200m and the government will cover a maximum of one-third of the total cost. Each enterprise may have a maximum of two projects approved, receiving up to $200m in total.

Additionally, the concessionary period for manpower cost of the New Industrialisation Funding Scheme (NIFS) will be extended for another 12 months, from 1 April 2025 to 31 March 2026, and will include potential applicant companies.

It covers a wide range of services, including feasibility studies, business pain points and demand assessments, new industrialisation development plans, funding application preparation and recommendations, one-stop smart industrialisation solution implementation, and related talent development.