XN000022-1994-01-21 — Page 21

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FRIDAY, JANUARY 21, 1994

COMPANY GETS FUND FOR RESEARCH

ANOTHER LOCAL COMPANY HAS BEEN GIVEN FUNDING SUPPORT FOR ITS RESEARCH AND DEVELOPMENT (R AND D) PROJECT UNDER THE GOVERNMENT'S APPLIED R AND D SCHEME, THE DIRECTOR-GENERAL OF INDUSTRY, MISS DENISE YUE, SAID TODAY (FRIDAY).

NOTING THAT THIS WAS THE SECOND CONTRACT SIGNED SINCE THE $200 MILLION SCHEME WAS LAUNCHED IN FEBRUARY LAST YEAR, MISS YUE SAID GOOD PROGRESS HAD BEEN MADE IN VETTING APPLICATIONS FOR THE SCHEME.

"AT PRESENT TWO MORE PROJECTS WERE IN THE PIPELINE AND WE HOPE TO BE ABLE TO CONCLUDE AN AGREEMENT WITH THE APPLICANT COMPANIES SOON, SHE SAID.

UNDER THE SECOND AGREEMENT SIGNED, THE COMPANY WILL RECEIVE A LOAN PAYMENT OF $909,500 AT PRIME INTEREST RATE FOR THE DEVELOPMENT OF AN ENVIRONMENTAL-FRIENDLY AND DEGRADABLE PACKING MATERIAL (CL-P).

IF THE PROJECT COULD BE SUCCESSFULLY CARRIED OUT, THE PRODUCT MIGHT BE A GOOD SUBSTITUTE TO POLYFOAM WHICH WOULD BE BANNED FROM BEING MANUFACTURED, IMPORTED OR USED BY MANY EUROPEAN COUNTRIES AND JAPAN BY 1995, MISS YUE NOTED.

SHE SAID THE COMPANY HAD ALSO SOLICITED THE SUPPORT OF THE BIOTECHNOLOGY RESEARCH INSTITUTE OF THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY (HKUST) IN CARRYING OUT PART OF THE RESEARCH WORK.

"A MEMBER OF THE

THE

COMPANY'S PROJECT TEAM IN CHINA WILL BE SECONDED TO HONG KONG то UNDERTAKE RESEARCH JOINTLY WITH RESEARCHERS AT THE HKUST.

"SUCH AN ARRANGEMENT WILL NOT ONLY ENHANCE THE TECHNOLOGICAL CAPABILITY OF THE COMPANY, BUT WILL ALSO PROVIDE A GOOD OPPORTUNITY FOR TECHNOLOGY EXCHANGES BETWEEN HONG KONG'S ACADEMIC INSTITUTION AND CHINA'S RESEARCH EXPERT, AND HENCE FURTHER BOOST THE R AND D CLIMATE IN HONG KONG," MISS YUE SAID.

SHE SAID THAT UP TO NOW, A TOTAL OF 20 APPLICATIONS FOR FUNDING SUPPORT HAD BEEN RECEIVED UNDER THE APPLIED R AND D SCHEME, SET UP BY THE GOVERNMENT WITH AN AIM TO INCREASE THE APPLIED R AND D ACTIVITY IN HONG KONG.

APART FROM THE FOUR WHICH HAVE BEEN APPROVED, 10 ARE BEING PROCESSED, FOUR WERE REJECTED, ONE HAD WITHDRAWN AND ONE WERE INELIGIBLE.

MISS YUE SAID INDIVIDUALS OR COMPANIES FROM ALL INDUSTRIAL SECTORS WITH BRIGHT IDEAS FOR APPLIED R AND D SHOULD LOSE NO TIME AND SUBMIT THEIR APPLICATIONS IF THEY WOULD LIKE ΤΟ SECURE AN ADDITIONAL SOURCE OF FINANCING FOR THEIR PROJECTS.

IN ASSESSING THE APPLICATIONS, THE PROJECT'S VIABILITY, TECHNICAL FEASIBILITY AND COMMERCIAL POTENTIAL WERE THE MAIN FACTORS OF CONSIDERATION, SHE ADDED.

/APPLICATION FORMS