Commissioner for Innovation & Technology Janet Wong says the Research & Development Cash Rebate Scheme will help enhance Hong Kong's R&D capabilities and enterprises' competitiveness, creating more business and job opportunities.

Under the scheme announced in the Policy Address, firms conducting applied R&D projects with the support of the Innovation & Technology Fund, or in partnership with local designated research institutions, will enjoy a cash rebate equivalent to 10% of their investments.

Addressing the Roundtable for Entrepreneurship Education today Miss Wong said the city needed to take every opportunity to boost its competitiveness to remain in a strong position amidst the global competition since the recent financial turmoil.

"To achieve this we have been adopting a multi-pronged strategy, including main elements such as the provision of financial support, the development of modern technological infrastructures and facilities, as well as the promotion of technology transfer from laboratories to the marketplace," she said.

The fund has so far supported 1,626 projects involving total funding of $4.6 billion. Through these projects the commission has encouraged and helped many local firms to upgrade their technological level and introduce innovative ideas to their businesses.

More than 290 projects have also benefited from the Small Entrepreneur Research Assistance Programme, with many companies succeeding in establishing a strong position in their market with products and services developed under the programme.

Miss Wong said there are now 280 companies at the Science Park, employing more than 7,000 professionals and achieving a total estimated annual turnover of $62 billion.

"We are now considering another phase of expansion of the park to cater for the future demand for such an excellent R&D environment and support services," she said.