XN000022-1995-04-26 — Page 7

- 6

If classified according to the relevant industrial sector, 10 are in the biotechnology sector, three in the electronics sector, three in information technology sector, six in the metals sector, two in the plastics sector, two in the textiles and clothing sector and five in the general category,

"The vetting process was not easy because of the volume and technical nature of the applications. Expert opinions from members of various sectors of industry were sought in the vetting process, and the main criterion adopted by members of the Projects Vetting Committee of the ITDC was whether the application was 'market driven", i.e. whether there was a genuine need in the industry for the deliverables of the proposed projects," he said.

The total project cost, amounting to some $138.7 million over a period of three years, would be disbursed to the applicant organisations according to the yearly cost estimates of individual projects.

Funds required in the 1995-96 financial year would be around $88.8 million, with a commitment of $37.7 million and $12.2 million for fiscal years 1996-97 and 1997-98 respectively.

"Of these successful applications, nine are from industrial support bodies such as the Hong Kong Productivity Council, 16 from higher education institutions, two from trade and industrial organisations, three from a research institute and one from the Industry Department," Mr Young said.

"The successful applicants will be informed of the decision of the ITDC shortly and funds will be disbursed as soon as possible for projects which cost less than $10 million.

"However, one of the approved projects which seeks to establish an 'Electro-magnetic Compatibility Compliance Engineering Centre' will have to be submitted to the Finance Committee of the Legislative Council for approval because its project cost exceeds $10 million," he added.

Mr Young indicated that about $35 million still remained uncommitted, and ITDC welcomed funding applications for projects which commenced within this financial year.

End/Wednesday, April 26, 1995