ENG-2009 — Page 155

Commerce and Industry ❘ 107

designated local research institutions will enjoy a cash rebate equivalent to 10 per cent of their investments.

Promoting Technological Entrepreneurship

Financial support has also been given to promote technological entrepreneurship. The 'Small Entrepreneur Research Assistance Programme' of ITF provides matching grants of up to $4 million per project to help small start-up companies to carry out R&D to turn innovative technological ideas into commercially viable products, processes or services. By year-end, $336 million in financial support had been provided to 316 projects.

Hong Kong Applied Science and Technology Research Institute Company Limited

The publicly funded Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) was set up in January 2000. It performs high quality research and development for transfer to industry for commercialisation to raise the technology level of Hong Kong's industry and to stimulate growth in Hong Kong's technology-based industries. In April 2006, ASTRI launched an R&D Centre for Information and Communications Technologies which focuses on four technology areas: communications technologies, consumer electronics, integrated circuit design and opto-electronics. A new area of bio-medical electronics is being developed, drawing on available skills.

Hong Kong Jockey Club Institute of Chinese Medicine Limited

The Hong Kong Jockey Club Institute of Chinese Medicine Limited was established in May 2001 as a subsidiary company of ASTRI. The Hong Kong Jockey Club Charities Trust has pledged a donation of $500 million to support the institute's research and development programmes. Its mission is to promote and support the modernisation and further development of Chinese medicine in Hong Kong through co-ordination of related activities and strategic support for scientific and evidence-based development programmes.

Research and Development Centres

After a comprehensive review and public consultation in 2005, the Government decided to adopt a focused approach to promote applied R&D and support technology upgrading in industry. In April 2006, the Government set up R&D centres in five technology focus areas:

• Automotive parts and accessory systems;

• Information and communications technologies;

• Logistics and supply chain management enabling technologies;

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Nanotechnology and advanced materials; and

• Textiles and clothing.

The centres aim to provide a focal point for driving and co-ordinating applied R&D and technology transfer in their respective technological areas. In line with the market-driven, demand-led approach of the new strategy, the centres have been