TRADE AND INDUSTRY
that had been subsumed under it, had provided financial support of some $1,099 million to 248 projects undertaken by industry-support bodies, trade and industry associations, higher-education institutions, professional bodies and locally
incorporated companies.
Promoting Technological Entrepreneurship
Major efforts have been made to promote technological entrepreneurship. A $750 million Applied Research Fund was established in March 1998, replacing two previous schemes to provide equity finance for technology ventures in the private sector. In November 1998, private venture capital firms were appointed to make disbursements from the fund. Besides selecting technological ventures for investment, the firms provide management, marketing and networking advice to the investee companies.
Applied Science and Technology Research Institute
The Chief Executive announced in his 1998 Policy Address the establishment of an Applied Science and Technology Research Institute (ASTRI) to support midstream research and development. In November 1998, the Government set up a task force to work out the planning parameters for the project. The task force has completed its deliberations and the Government is now taking necessary steps to establish the ASTRI.
Hong Kong Business Park Study
The Government has commissioned a Hong Kong Business Park Study to examine the need for setting up a business park in Hong Kong. Stage 1 of the study, which examines the need for a business park in Hong Kong, was completed in July. The Government considers that the Stage 1 Study has not been able to establish a case for setting up a specific property product in the form of a business park in Hong Kong. Nonetheless, the Government will continue to keep in view industry's needs and adopt appropriate measures to ensure that the demand for more flexible forms of industrial infrastructure will be met.
Monitoring Technology and Market Trends
The Industry Department conducts studies of the major industrial sectors to monitor technology and market trends and identify measures that could facilitate their future development. During the year, the department completed a techno-economic and market research study on Hong Kong's electronics industry.
The study on Hong Kong's plastics industry and that on the textiles and clothing industry commenced in September and November respectively.
Environmental Matters
The Industry Department disseminates environmental information to manufacturers. An annual guide is published to advise manufacturers on relevant environmental legislation and where to get technical advice. A guide on environmental technology and services available in Hong Kong and design manuals and an eco-audit manual with a support video for specific industries are available for sale at the Government Publications Centre.
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