Sun Dong: The total cost requirement for the new industrial acceleration plan project is reduced to 150 million

The Secretary for Innovation, Technology and Industry, Sun Dong, stated at the Hong Kong New Industrial Development Alliance exchange dinner last Friday (23rd) that this year marks the beginning of the country's 14th Five-Year Plan. The Hong Kong Special Administrative Region government will continue to vigorously develop innovation and technology, promote the integrated development of technological innovation and industrial innovation, and support Hong Kong's high-quality development. At the same time, it will continue to leverage Hong Kong's unique advantages of "backing the motherland and connecting the world," strengthen innovation and technology collaboration and complementary advantages with various provinces and cities in the mainland, especially the Guangdong-Hong Kong-Macao Greater Bay Area, and contribute to the country's high-level technological self-reliance and the acceleration of building a strong technological nation.

Sun Dong indicated that he has been encouraging enterprises to make good use of the various support programs from the SAR government to establish research and development, pilot testing, and production bases in Hong Kong, utilizing Hong Kong's internationalization and highly market-oriented advantages to further expand local and overseas businesses and extend products and services globally.

He stated that by the end of 2025, over 500 potential or leading innovation and technology enterprises are expected to develop, settle, or expand their businesses in Hong Kong. The construction of the Yuen Long Microelectronics Park is being accelerated, with two pilot production lines focusing on third-generation semiconductor chips operated by the Hong Kong Microelectronics Research Institute expected to be operational within this year.

In addition, the application threshold for the HKD 10 billion "New Industrial Acceleration Program" has recently been relaxed, reducing the minimum total project cost requirement from HKD 300 million to HKD 150 million to support the construction of more smart manufacturing facilities and accelerate the development of the innovation and technology industry. So far, the review committee has announced four successful applications, with a total investment amount of approximately HKD 2.5 billion.

Sun Dong pointed out that preparations for a HKD 100 billion "Innovation and Technology Industry Guidance Fund" are being accelerated. To date, over ten strategic investors have confirmed their intentions, and nearly 40 fund managers have submitted applications. The plan is to officially launch it in the near future to strengthen the guidance of market funds to invest in designated strategic emerging and future industries, establishing an innovation and technology industry chain with Hong Kong advantages.

Sun Dong stated that the value added of Hong Kong's "manufacturing and new industrial industries" in 2024 is expected to be HKD 82.2 billion, an increase of 7% from the previous year, accounting for approximately 2.64% of local GDP. This reflects that the government's policy measures for developing new industries are gradually showing results. With this positive momentum, he hopes that the Hong Kong New Industrial Development Alliance will continue to play an active role in promoting efficient collaboration among "government, industry, academia, research, and investment," taking Hong Kong's new industrialization development to a higher level