Industrialisation Scheme Improved to Speed Up Smart Manufacturing Funding
The Innovation & Technology Commission has introduced updated procedures for the New Industrialisation Funding Scheme (NIFS), designed to reduce approval timelines. Applicants requesting no more than $2.8 million will benefit from the new fast-track system.
Supporting Smart Manufacturing
The overhaul aims to support companies adopting smart production methods, enabling them to capitalise on emerging market opportunities. Enterprises receiving support are expected to introduce advanced manufacturing technologies and industry expertise into the region.
Prof Sun Dong, Secretary for Innovation, Technology & Industry, stated that the government’s dual strategy—comprising both NIFS and the New Industrialisation Acceleration Scheme (NIAS)—is energising Hong Kong’s economy. Funded firms are installing smart manufacturing facilities locally, enhancing the city’s industrial diversification and capabilities.
What Applicants Should Know About
- The enhanced scheme focuses on grants of up to $2.8 million.
- Fast-track procedures are in place.
- Smart manufacturing and advanced technology are priority areas.
- A major semiconductor project has already been approved.
Need Help with Business Fundings?
Contact 3E Accounting Hong Kong to get expert guidance to help your business prepare, apply, and maximise your chances of securing funding and investments for your business.
