HKPC Offers 30% Concession of Manpower Cost to Applicant Company of the “NIFS“ Supporting Industries in Establishing Smart Production Lines Bring "Made in Hong Kong" to Live

(Hong Kong, 24 July 2024) To facilitate the policy of the HKSAR Government to promote new industrialisation and strengthen support for the industry, the Hong Kong Productivity Council (HKPC) has announced an 8-month subsidy measure - from 1 August 2024 till 31 March 2025, a 30% concession of manpower cost will be offered to the companies applying for the "New Industrialisation Funding Scheme" (“NIFS”)^[1].

“NIFS” was launched by the Innovation and Technology Commission under the Innovation and Technology Fund (I&T Fund), aiming to subsidise manufacturers establishing new smart production lines in Hong Kong. The funding is provided in a 1:2 (Government: company) matching format, with a maximum funding of one-third of the total project expenditure or HK$15 million. Each company can submit or undertake a maximum of three applications or projects, receiving a maximum subsidy of HK$45 million.

The manpower cost concession to be launched by HKPC covers a wide range, including business pain point and demand assessment, new industrialisation development plan, funding application preparation and recommendations, one-stop smart industrialisation solution implementation, as well as related talent cultivation and development. This will help enterprises apply for Government funding more smoothly, embark on the path of smartification, and enhance their overall competitiveness. Leveraging HKPC’s scientific research and technological strengths and with the support of the I&T Fund (including the "NIFS"), HKPC will provide comprehensive support for the industry to set up smart production lines in Hong Kong. It is estimated that by 2026, HKPC will have cumulatively assisted in the establishment of 80 smart production lines in Hong Kong, covering emerging and traditional industries such as life sciences, new materials, electronics, food, and textiles.

Mr Mohammed D. BUTT, Executive Director of HKPC, said: "HKPC is one of the key enables in cultivating new productive forces and achieving new industrialisation in Hong Kong. Earlier this month, we established Hong Kong's first 'Future Manufacturing Hall', displaying the revolutionary ‘Microfactory' concept and advanced manufacturing technologies for building smart production lines, which is a major initiative to promote new productive forces. As the strongest backbone for the industrial and commercial sectors, we hope this concession measure can lower the threshold for enterprises to undergo digital transformation and upgrading, enabling more companies to experience the benefits of digital transformation. Experts of HKPC will assist enterprises in utilising technology, aligning with the concept of sustainable development, and leveraging smart production lines to take their businesses to the next level, collectively driving the new industrialisation process in Hong Kong."

For more information on the "NIFS", please click here to visit the HKPC website, dial +852 2788 5731, or email nifs@hkpc.org.

^[1] This concession applies to quotations issued by HKPC to enterprises applying for the "NIFS" between 1 August 2024 and 31 March 2025. The offer is subject to relevant terms and conditions.

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HKPC has announced an 8-month subsidy measure - from 1 August 2024 till 31 March 2025, a 30% concession of manpower cost will be offered to applicant companies applying for the “NIFS”.

Mr Mohammed D. BUTT, Executive Director of HKPC, expressed that being the strongest backbone for the industrial and commercial sectors, we hope this concession measure can lower the threshold for enterprises to undergo digital transformation and upgrading, enabling more companies to experience the benefits of digital transformation. Our experts will assist enterprises in utilising technology, aligning with the concept of sustainable development, and leveraging smart production lines to take their businesses to the next level, collectively driving the new industrialisation process in Hong Kong.