Hong Kong Launches New Industrial Acceleration Program

According to PANews, the Hong Kong Special Administrative Region (HKSAR) Government's Innovation and Technology Commission has announced the launch of the 'New Industrial Acceleration Program.' This initiative aims to provide funding for companies engaged in strategic industries to establish new smart production facilities in Hong Kong. Eligible enterprises are encouraged to apply for the program. A spokesperson from the Innovation and Technology Commission stated that to promote the development of downstream new industries, the Chief Executive of the HKSAR proposed allocating HKD 10 billion in the 2023 Policy Address to implement the 'New Industrial Acceleration Program.' Under this program, the HKSAR Government will provide funding in a matching ratio of 1 (government) to 2 (enterprise) to support companies involved in strategic industries. These industries include life and health technology, artificial intelligence and data science, advanced manufacturing, and new energy technology. The HKSAR Government aims to encourage enterprises to leverage innovative technology to achieve smart manufacturing and enhance competitiveness.