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The NIAS prioritises sectors seen as crucial to industrial advancement. Life and health technology continue to evolve with innovations in biotechnology and medical treatments, while AI and data science drive changes in automation, big data, and machine learning, impacting a range of industries. Advanced manufacturing, incorporating techniques like robotics and automation, and new energy technologies, focused on sustainable energy solutions, are also highlighted for their growing importance in modern industrial processes.
Smart production facilities, which involve the use of high-end technology, are a key part of the scheme’s focus. These facilities aim to incorporate advanced technologies to improve productivity, efficiency, and environmental sustainability. The programme seeks to help enterprises develop such facilities, positioning Hong Kong as a hub for smart manufacturing and technological development.
To participate, applicants must be legally incorporated in Hong Kong under the Companies Ordinance. Enterprises must also commit to a minimum investment of HK$200 million towards the establishment of smart production facilities, with the total project cost being at least HK$300 million. This ensures that the projects funded by the scheme are large-scale and capable of delivering significant technological advancements.
By requiring a significant financial commitment from participants, the scheme focuses on projects that demonstrate the capacity to contribute meaningfully to the development of high-tech industries in Hong Kong. The investment threshold reflects the programme’s emphasis on attracting enterprises with the necessary resources and technological expertise.
The NIAS operates on a matching funding model, with the government providing support at a 1:2 ratio. For each project, the government will contribute up to one-third of the total approved cost, with a cap of HK$200 million. Each enterprise can receive funding for up to two projects, but the total government contribution across both projects cannot exceed HK$200 million.
The funding is intended to cover expenses directly related to the establishment of the smart production facilities. This includes specialised equipment and other essential auxiliary technologies required for the operation of these facilities. By focusing on funding technology-related expenses, the scheme aims to ensure that supported projects prioritise the adoption of advanced technologies in their production processes.
Projects under the NIAS are expected to be completed within 36 months. This timeline ensures that funded projects proceed at a pace consistent with the rapid advancement of technology, while also allowing enterprises sufficient time to set up and operationalise smart production facilities. The 36-month duration also aligns with the scheme’s broader goal of fostering industrial development in a relatively short period.
Applications for the NIAS are accepted throughout the year, offering flexibility for enterprises as they develop their projects. The process is managed electronically through the Innovation and Technology Commission Funding Administrative System (ITCFAS), which streamlines submission and ensures that applications are processed efficiently. This system also helps to centralise and manage the administrative aspects of the funding process.
The New Industrialisation Acceleration Scheme is designed to promote the development of industries that are considered key to Hong Kong’s industrial future. By focusing on smart production facilities and offering financial support on a matching basis, the scheme provides a structured way for enterprises to invest in technological upgrades. It also encourages the adoption of advanced technologies in production, reflecting a broader push towards modernising the industrial sector.
