Industrialisation scheme enhanced to support smart production

Projects under $2.8m will receive faster approval.

The Innovation & Technology Commission has simplified reviewing procedures to its New Industrialisation Funding Scheme (NIFS) to speed up approval of applications.

Projects seeking funding support of no more than $2.8m will be processed under the new procedures.

Together with the New Industrialization Acceleration Scheme (NIAS), NIFS aims to support enterprises adopting smart manufacturing and seize market opportunities, said the commission.

Additionally, the commission announced that the application submitted by J Cube Semiconductor (Hong Kong) was supported by NIAS.

The project plans to set up a third-generation semiconductor silicon carbide wafer production facility, and around $200m of the $700m total cost will be funded.