HK's NIAS approves 3 projects with HK$1.7b total investment

The Hong Kong government's HK$10 billion New Industrialisation Acceleration Scheme has approved three projects totaling HK$1.7 billion in investment, according to Innovation, Technology and Industry Secretary Professor Sun Dong.

Since the fund's launch last September, over ten projects have been reviewed with three formally approved and several others under consideration. Professor Sun expressed hope that 50 or more projects could be approved in coming years as the Northern Metropolis development accelerates and Hong Kong's innovation ecosystem improves.

One approved company, Advanced Isotopes Technology Asia Limited, will establish a medical superconducting cyclotron and radiopharmaceutical production line at Tai Po InnoPark. Professor Sun announced the company plans to begin Hong Kong's first local production of globally scarce radiopharmaceuticals by 2027, marking Asia's first production of key ingredients for targeted radiopharmaceuticals undergoing clinical trials.

The minister emphasized this demonstrates successful pathways for introducing advanced overseas technology to local production, hoping more high-tech, internationally-oriented enterprises will establish presence in Hong Kong to support the city's global innovation and technology development plans.