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$50M research and development scheme launched
The Industry Department today (Friday) announced the launching of a $50 million Co-operative Applied Research and Development Scheme (CARDS) aimed at encouraging manufacturers to leverage on the vast pool of research expertise in the tertiary institutions and research bodies in Hong Kong and China.
Speaking at a press conference, the Director-General of Industry, Miss Denise Yue, explained that the objective of the new funding scheme was to enhance the technological capability and competitiveness of the local manufacturing industry by increasing the number of applied research and product development projects that utilise the technological expertise of Hong Kong and China.
"It is hoped that this in turn will enhance technological collaboration between Hong Kong and China," she said.
"Companies incorporated under the Companies Ordinance of Hong Kong are eligible to apply and projects must involve a researcher of a local tertiary institution and a researcher of a tertiary or research institution in China.
"Projects should be market-driven and of a developmental nature. Deliverables of the project should be a new product or a new process which has good market potentials either in Hong Kong or elsewhere," she added.
She further said under CARDS, funding support up to 75 per cent of the fundable cost items of an approved project may be provided in the form of an interest- bearing loan or equity participation.
The Scheme will be administered by the Applied Research Council, formerly the Hong Kong Applied R&D Fund Company Limited, which also operates the Applied R&D Scheme.
The funding ceiling of the Applied R&D Scheme has also been similarly extended.
"The funding is intended to cover major cost items such as R&D) manpower, equipment, consumables and marketing expenses," she added.
Application forms for the two schemes can be obtained from the Applied Research Council Secretariat at Room 1445, 14th floor, Ocean Centre, 5 Canton Road, Kowloon.
End/Friday, June 23, 1995
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