Foshan offers financial incentives of up to US$3 million to lure tech talent, start-ups from other Greater Bay Area cities

Name: Foshan, 'Guangzhou's little brother', offers rich traditional Chinese culture
Uploaded: 2021-03-21T05:00:18.000Z
Duration: 1 min 11 s
Description: Foshan, 'Guangzhou's little brother', offers rich traditional Chinese culture

Foshan is offering financing to tech start-ups of up to 20 million yuan in a bid to lure them from neighbouring Greater Bay Area cities

Foshan plans to focus on high-end equipment manufacturing, blockchain and quantum information, new energy, and health care, according to an announcement

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Technicians work at E-Deodar Robot Equipment’s factory in Foshan. The Greater Bay Area city has come up with incentives to draw start-ups and skilled workers. Photo: Bloomberg

Peggy Sito

Published: 1:00pm, 21 Mar 2021Updated: 1:00pm, 21 Mar 2021

Foshan, which is located to the west of the Pearl River in Guangdong province, is offering financial support to tech start-ups and lure talent from neighbouring cities in the Greater Bay Area.

According to the latest revised guidelines on funding for technology and innovation development, tech start-ups, which plan to establish or have already set up companies in Foshan, are each eligible for up to 20 million yuan (US$3 million) in funding. The incentives are valid for five years.

The move is aimed to draw talent from a wide range of industries and encourage start-ups to open businesses in Foshan, the government said in a notice posted on its official website on Thursday. One of main talents the city wants to attract is scientists, as R&D is one of the city government’s focus areas.

Foshan, which positions itself as a national advanced manufacturing base in the Greater Bay Area, plans to focus on industries such as high-end equipment manufacturing, blockchain and quantum information, new energy, biomedicine and health care, according to the announcement.

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Foshan, 'Guangzhou's little brother', offers rich traditional Chinese culture

Tech start-ups welcomed Foshan’s move as encouraging, but they said that the city has to offer more than just financial support to attract skilled workers as other cities like Shenzhen also offered similar incentives.

But few details about the incentive plan were currently available.

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