Hong Kong policy address 2023: authorities to set aside HK$10 billion for emerging industries, offer to subsidise new production facilities
- City leader John Lee unveils New Industrialisation Acceleration Scheme, set to launch next year, as part of efforts to promote I&T sectors
- Companies setting up production facilities in the city to receive subsidy from authorities equal to half money invested by businesses
Hong Kong will set aside HK$10 billion (US$1.28 billion) in government funds to support emerging industries, including advanced manufacturing and biotechnology, and subsidise eligible companies looking to build production facilities in the city.
Chief Executive John Lee Ka-chiu unveiled the New Industrialisation Acceleration Scheme on Wednesday as part of his second policy address and said the plan would launch next year.
Under the scheme, eligible businesses setting up production facilities will receive government funding worth half the company’s investment. Those set to benefit are enterprises specialising in life and health technologies, artificial intelligence (AI) and data science, advanced manufacturing, as well as new energy.
The matching scheme will be subject to a funding ceiling of HK$200 million per applicant.
“We will also explore the feasibility of allowing enterprises under the scheme to employ non‑local technical personnel more flexibly, and relaxing the limitation of the number of subsidised research talent that can be employed,” Lee said.