TRADE AND INDUSTRY
Land
The government put up 22 185 square metres of industrial land for sale by tender in 1998. Private developers provided an additional 180 900 square metres of flatted factory space in 1997. Construction of the second phase of the Tseung Kwan O Industrial Estate was completed, providing a total of 74.5 hectares of land. A fourth industrial estate is being planned in Tuen Mun to meet the demand in the early 21st century.
Technical Education and Industrial Training
The Vocational Training Council (VTC) provides technical education and industrial training space. In addition, it administers the New Technology Training Scheme which provides financial assistance to employers for training their staff in new technologies useful to their business. The Clothing Industry Training Authority (CITA) runs two training centres for the clothing and footwear industries. The Industry Department is represented on the VTC and the CITA. Higher-level education and training are provided by the tertiary education institutions.
Promotion of Innovation and Technology
Industrial Support Fund
Through the Industrial Support Fund, set up in 1994, the government provides financial support to projects that contribute to Hong Kong's industrial and technological development. By the end of 1998, it had committed $1.381 billion for 373 projects undertaken by industry associations, higher-education institutes and industrial support organisations.
Innovation and Technology Fund
The Chief Executive announced in his 1998 Policy Address the establishment of a $5 billion Innovation and Technology Fund to support projects which will contribute to innovation and technological upgrading in Hong Kong's manufacturing and service industries. The government has already started the preparatory work for the planned establishment of the fund in 1999.
Promoting Technological Entrepreneurship
Major efforts have been made to promote technological entrepreneurship. A $750 million Applied Research Fund was established in March 1998, replacing two previous schemes to provide equity finance for technology ventures in the private sector. In November 1998, three private venture capital firms were appointed to make disbursements from the fund. Besides selecting technological ventures for investment, the three firms provide management, marketing and networking advice to the investee companies.
Science Park
The Provisional Hong Kong Science Park Company Limited was incorporated in May 1998 to plan, develop and manage the Science Park in Hong Kong, pending the establishment of the statutory Hong Kong Science Park Corporation. The objectives are to help local industry move up the technological ladder, stimulate the growth of locally-owned technologically advanced businesses, promote new technology-based
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