The Innovation & Technology Commission (ITC) announced today that it would streamline and consolidate funding schemes under the Innovation & Technology Fund (ITF) with a view to promoting new industrialisation and supporting the development of new quality productive forces in a more focused manner.

To more effectively support enterprises in seizing opportunities brought by new industrialisation to upgrade and transform through relevant funding schemes, the ITC will consolidate three funding schemes under the ITF which promote new industrialisation - the New Industrialisation Funding Scheme, the New Industrialisation & Technology Training Programme, and the Manufacturing+ to be launched this year - into the New Industrialisation Support Scheme.

Under the new scheme, the objectives and modus operandi of the three schemes will remain unchanged.

Given that the objectives and beneficiaries of both the Research & Development Cash Rebate Scheme and the Innovation & Technology Support Programme (ITSP) largely overlap, these two schemes will be consolidated.

Local public research institutes may continue to collaborate with enterprises for applied research and development  (R&D) projects through the ITSP after the consolidation measures take effect.

Additionally, given that existing R&D-related funding schemes under the ITF - ITSP, Mainland-Hong Kong Technology Cooperation Funding Scheme & Enterprise Support Scheme - have already been subsidising patent registration fees for R&D projects by universities, research institutions and enterprises, the ITC considers that the Patent Application Grant (PAG) has achieved its goal of fostering a patent development culture in Hong Kong. PAG will be integrated into existing funding schemes.

The consolidation of resources, adjustments to funding ceilings and ratios for the aforementioned funding schemes will take effect from August 1.