Govt launches new funding scheme to subsidise industrial site development

The scheme offers companies up to $45m in funding for three projects.

The Government launched the New Industrialisation Funding Scheme (NIFS) to subsidise local manufacturers in setting up new smart production lines in Hong Kong.

The NIFS involves awarding grants, with the government topping up sums spent by companies on new equipment on a 1:2 basis.

The NIFS has been enhanced as per the 2023 Policy Address to further promote new industrialization. Under the enhanced NIFS, starting January 8, applicants can handle up to three projects at once, with a total funding limit of $45m.

As of mid-July, the New Industrialisation Vetting Committee had approved 43 NIFS applications, resulting in 68 production lines across various sectors, including food manufacturing, textiles, construction materials, and medical devices.