The Innovation & Technology Commission stated today that it has introduced an enhancement to the New Industrialisation Funding Scheme (NIFS) that includes streamlined procedures to speed up the process of approving applications.

In addition to noting that the enhancement applies to those seeking funding support of no more than $2.8 million, the commission emphasised that the relevant applications will be processed according to the newly established streamlined procedures.

It also pointed out that the aim of the enhancement is to further support enterprises in adopting smart manufacturing and seize market opportunities.

Secretary for Innovation, Technology & Industry Prof Sun Dong said that the Government actively promotes the development of new industrialisation through the New Industrialisation Acceleration Scheme (NIAS) and the NIFS, injecting new impetus into Hong Kong's economy.

While indicating that enterprises are making use of the funding support from these two schemes to set up new smart production facilities in Hong Kong, Prof Sun highlighted that funded enterprises will bring to Hong Kong the relevant technologies and expertise of product manufacturing, driving the development of Hong Kong's new industrialisation and diversified economy.

Moreover, the commission announced today that the New Industrialisation Vetting Committee has supported an application submitted by J Cube Semiconductor (Hong Kong) under the NIAS.

The project plans to set up third-generation semiconductor silicon carbide wafer production facilities, which fall under the advanced manufacturing technology sector.

The estimated total cost of the project is over $700 million, and the expected NIAS funding amount will be $200 million.