106 Commerce and Industry
total Government commitment is $100 billion. A series of enhancement measures was introduced in June 2009 to provide further support to local enterprises.
Promotion of Innovation and Technology
Innovation and Technology Commission
The Innovation and Technology Commission (ITC) is responsible for spearheading Hong Kong's drive to become a world-class, knowledge-based economy. The commission, which forms part of the Commerce and Economic Development Bureau (CEDB), formulates and implements policies and measures to promote innovation and technology; supports applied research and development (R&D); supports technology transfer and applications; promotes technological entrepreneurship; facilitates the provision of innovation and technology infrastructure and development of human resources; and promotes internationally accepted standards and conformity assessment services to underpin technological
to underpin technological development and international trade.
The commission works closely with its partners in the Government, industry, business, tertiary education institutions and industrial support organisations. The Government has been implementing various initiatives to establish Hong Kong as a regional centre for innovation and technology and offers a wide range of infrastructural and funding support for applied R&D activities.
The Chief Executive announced in the 2009 Policy Address that the Government will make a series of initiatives to promote the development of six industries in which Hong Kong enjoys clear advantages, including innovation and technology, and testing and certification services, to achieve long-term economic growth.
Innovation and Technology Fund
A $5 billion Innovation and Technology Fund (ITF) was established in 1999. It supports projects that help upgrade technology and promote innovation in the manufacturing and service industries. By year-end, the fund had provided $4.91 billion to support more than 1 800 projects undertaken by research institutes and the industry.
In January 2009, the Internship Programme under the ITF was expanded to provide more opportunities for local graduates to participate in R&D work. Under the programme, additional financial support is provided to R&D projects that employ up to two interns for each ITF project with an internship up to 24 months. More than 350 internship places were provided in 2009.
Research and Development Cash Rebate Scheme
In his 2009 Policy Address, the Chief Executive announced the allocation of $200 million to launch an 'R&D Cash Rebate Scheme' in April 2010 to inculcate a research culture among enterprises and to encourage them to establish long-term partnerships with local public research institutions. Under the scheme, enterprises conducting applied R&D projects with the support of the ITF or in partnership with