Hong Kong will earmark about HK$220 million to establish the first national manufacturing innovation center outside the mainland to develop new industrialization, Financial Secretary Paul Chan Mo-po announced in the annual budget on Wednesday.
This initiative aligns with the government's commitment to implementing the "Co‑operation Agreement on the Development of New Quality Productive Forces and the Promotion of New Industrialisation," signed with the Ministry of Industry and Information Technology.
The financial chief highlighted that the pilot lines for research and development (R&D) and trial production of third‑generation semiconductors of the Hong Kong Microelectronics Research and Development Institute will commence operation this year to facilitate local semiconductor R&D and upgrading of industries.
Moreover, the New Industrialisation Acceleration Scheme has supported two enterprises developing semiconductor chip technology and equipment, with a total investment of over HK$1.5 billion.
"We are conducting a study on the medium- to long‑term development of new industrialization in Hong Kong, including emerging and future industries," Chan said.
The government will also launch the New Industrialisation Elite Enterprises Nurturing Scheme this year, supporting targeted high-growth enterprises contributing to the development of new industrialisation.
Furthermore, Chan stressed that the city will actively steer local manufacturers towards smart manufacturing, which leverages technologies such as the Internet of Things, real‑time data, data analytics, advanced human‑machine interfaces, and robotics.
The New Industrialisation Funding Scheme has supported over 120 new smart production lines, drawing in private investment of over HK$1 billion.
The New Industrialisation Acceleration Scheme, which aims to encourage enterprises to establish high‑end smart production facilities in Hong Kong, has supported four projects so far. These involve a total investment of about HK$2.5 billion, of which more than 70 percent is private investment.
