Commerce and Industry
Innovation and Technology Fund
The Innovation and Technology Fund (ITF) supports applied research and development (R&D) projects that help upgrade technology and promote innovation in the manufacturing and service industries. By the end of 2014, the fund had committed about $9 billion to support over 4,300 projects undertaken by research institutions and the industry.
The ITF's Small Entrepreneur Research Assistance Programme provides matching grants for R&D by small companies to turn innovative technological ideas into commercially viable products or services. By the end of 2014, $483 million had been provided to support around 400 projects.
In 2014, the Innovation and Technology Commission set up, under the ITF, a new Technology Start-up Support Scheme for Universities to provide funding of up to $4 million annually to each of six local universities to encourage students and faculty members to start technology businesses and commercialise their R&D results.
Research and Development Cash Rebate Scheme
The R&D Cash Rebate Scheme reinforces the research culture among enterprises and encourages them to establish stronger partnerships with local research institutions. The $200 million scheme provides 30 per cent cash rebates to companies conducting applied R&D projects under the ITF, or in collaboration with designated research institutions. By the end of 2014, the scheme had approved over 1,000 applications for rebates amounting to about $108 million.
The Hong Kong Science and Technology Parks Corporation
The Hong Kong Science and Technology Parks Corporation provides one-stop infrastructural support to technology-based companies. The 22-hectare Science Park in Sha Tin is the government's flagship infrastructure to turn Hong Kong into a regional innovation hub. Phases 1 and 2 have been completed and 92 per cent occupied. The first three buildings of Phase 3 were completed in March 2014, while the remaining two buildings will be completed in 2016. In total, they will provide 330,000 square metres of gross floor area for applied R&D to local and overseas companies in electronics, information technology and telecommunications, biotechnology, precision engineering and green technology. For start-ups, the corporation runs incubation programmes to provide rental, marketing, financial and technical assistance for their critical initial years. The corporation also manages three industrial estates in Tai Po, Yuen Long and Tseung Kwan O. They provide 217 hectares of serviced land to companies using new or improved technology and processes which cannot operate in ordinary multi-storey buildings. The corporation will continue to revitalise the industrial estates to meet the challenges and opportunities brought about by economic re-structuring and to broaden Hong Kong's industry base.
Hong Kong Applied Science and Technology Research Institute (ASTRI)
The publicly-funded ASTRI houses the R&D Centre for Information and Communications Technologies. It carries out R&D projects to raise the standard of Hong Kong's technology-based industries and to strengthen their growth.
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