PANews September 17, 2023: Hong Kong Government Launches "New Industrial Acceleration Scheme"

According to Xinhua News Agency, the Innovation and Technology Bureau of the Hong Kong Special Administrative Region (SAR) announced the launch of the "New Industrial Acceleration Scheme" (the Scheme). This initiative aims to provide funding for companies operating in strategic industries to establish new smart production facilities in Hong Kong. Eligible companies are invited to submit applications.

A spokesperson for the Innovation and Technology Bureau stated that the Scheme is a key component of the Hong Kong SAR Government's drive to promote the development of downstream industries. The Chief Executive of the Hong Kong SAR, in the 2023 Policy Address, allocated HK$10 billion to implement the Scheme.

Under the Scheme, the Hong Kong SAR Government will provide a matching fund of 1 (government) to 2 (company) for companies engaged in strategic industries, namely life health technology, artificial intelligence and data science, as well as advanced manufacturing and new energy technology, to establish new smart production facilities in Hong Kong. The Hong Kong SAR Government hopes to encourage companies to leverage innovative technologies for intelligent manufacturing, thereby enhancing their competitiveness.