Enhanced industrialisation funding scheme receives 66 applications

The streamined application process promotes the goal of supporting 130 production lines.

The New Industrialisation Funding Scheme (NIFS) and its enhancement measures seeking to simplify application process to funding support has achieved remarkable results, said Sun Dong, Secretary for Innovation, Technology and Industry.

Since the launch of the NIFS, 66 applications involving over 100 smart production lines were supported by the New Industrialization Vetting Committee, moving towards the goal of at least 130 lines supported by 2027.

Supported projects cover a variety of sectors such as food manufacturing and processing, textiles and clothing, construction materials, biotechnology, and green technology, etc.

To speed up the approval process of applications seeking funding support of no more than $2.8m, an enhancement was made to NIFS in June to streamline relevant documentation requirement and assessment procedures.

The Innovation and Technology Commission (ITC) anticipates the benefits from the enhancements will encourage more establishment of smart production lines in Hong Kong.

“The NIFS progress is on track so far, ITC will continue to review the progress and arrangements under the scheme,” said Sun, “we will consider adjusting the key performance indicators timely having regard to actual circumstances.”

In addition, a two-year supporting scheme will launch this year to provide funds encouraging local manufacturers adopting and upgrading smart production technologies.