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The biotechnology category tops the list with 53 applications (requesting a total commitment of $199 million), followed by the general category (38 applications), information technology (27 applications), electronics(20 applications), plastics (15 applications), metals (13 applications), and textiles and clothing (11 applications).
Announcing this today (Friday), the Assistant Director-General of Industry, Mr Raymond Young, said he was satisfied with the large number of applications received. A series of meetings would be held by the sector specific committees under the Industry and Technology Development Council (ITDC) in January and February 1996 to vet the applications. The applications would then be examined by a special Projects Vetting Committee (PVC) before submission to the full ITDC for approval. The result of the vetting exercise would be announced in April.
"The authority to approve projects costing less than $15 million will rest with the Director-General of Industry," Mr Young said, adding that projects costing $15 million or above would need the endorsement of the Finance Committee of the Legislative Council.
On the funding criteria, he said: "The main criterion adopted by the ITDC is whether the application is 'market-driven', that is, whether there is a genuine need in the industry for the deliverables of the proposed project."
"Project applications will be considered on their own merits and no priorities. would be given to any particular sector of industry or to any specific area of technology."
"Projects eligible for funding support should be able to contribute to the overall industrial or technological development of Hong Kong and to the competitiveness of Hong Kong's manufacturing industries," Mr Young added.
Since ISF was introduced in 1994, over 130 projects have been approved. Of these, 26 have been successfully completed and the rest are progressing satisfactorily. All funded projects are monitored closely by the Industry Department, with advice from ITDC.
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