$250m fund set up to promote local designs
A Design and Innovation Centre will be set up as part of a plan to create a $250 million fund to encourage more local designs and promote Hong Kong brand names.
The financial secretary also announced plans to extend profits tax deductions for research and development expenses to cover the costs of design-related activities. The move will see the government collect an estimated $30 million less in profits tax a year.
The government came up with the idea to launch a design initiative with the creation of a $250 million fund after listening to the views of representatives from creative industries. 'We were told by the various sectors that Hong Kong has potential in creative industries and we agree,' the financial chief said.
The aim was to turn Hong Kong into a focal point of design excellence in the region, he said.
Hong Kong's creative industries have won worldwide recognition and achieved many successes.
A spokeswoman for the Innovation and Technology Commission said the initiative would involve improving the design support infrastructure, providing funding for design and branding projects and research, and nurturing startup design ventures.
Initial ideas include setting up the Design and Innovation Centre as a one-stop shop to provide services for design ventures, rental space for design-related companies, training and networking among design professionals and their customers.
The Tech Centre in Kowloon Tong is being considered as a location for the new centre.
