Industry 'does not need push'
ALTHOUGH the Government has specifically set aside money for industrial initiatives, it in no way suggests the sector needs help, says Assistant Director-General of Industry Raymond Young.
''We don't believe the sector needs a push from government,'' he said, adding the main criterion for funding of projects had to be ''market driven'', and that there was genuine need for it in the industry.
Competition from China's growing economy was not a concern for Hong Kong, he said.
''The manufacturing is moving to China, but the industry stays in Hong Kong.'' The Industrial and Technology Development Council announced yesterday that it had vetted out 39 of 270 applicants for funding to be disbursed yearly.
Successful applicants of the industrial support scheme probably do not know their project is one of the 39 approved yesterday for a share in $180 million of government financing.
Mr Young declined to give exact details of approved projects.
