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HKPC Offers 30% Concession of Manpower Cost to Applicant and Potential Applicant Company of the NIAS Extends the NIFS Concession Period and Broadens Eligibility Coverage Boosting Both Traditional and Emerging Industries in Hong Kong

(Hong Kong, 2 December 2024) To facilitate the policy of the HKSAR Government to promote new industrialisation and strengthen industry support, the Hong Kong Productivity Council (HKPC) has announced two subsidy measures – From 1 December 2024 till 31 March 2026, a 30% concession of manpower cost will be offered to the applicant and potential applicant companies of the "New Industrialisation Acceleration Scheme" (“NIAS”). Additionally, the concessionary period for manpower cost of the New Industrialisation Funding Scheme (“NIFS”) will be extended for another 12 months, from 1 April 2025 to 31 March 2026, and the concession scope will be extended to include potential applicant companies.

HKSAR Government’s New Industrialisation Acceleration Scheme was launched by Innovation and Technology Commission through Innovation and Technology Fund in September 2024. It aims to provide funding support for enterprises engaging in industries of strategic importance (i.e. life and health technology, artificial intelligence (AI) and data science, and advanced manufacturing and new energy technologies) to set up new smart production facilities in Hong Kong. Funding will be provided on a 1 (Government) : 2 (enterprise) matching basis. For each project, the minimum total project cost is HK$300 million. The enterprise has to contribute no less than HK$200 million and the Government will cover a maximum of one-third of the total approved project cost or HK$200 million, whichever is lower. Each enterprise may have a maximum of two projects approved, receiving up to HK$200 million in total.

The manpower cost concession launched by HKPC covers a wide range of services, including feasibility studies, business pain point and demand assessment, new industrialisation development plan, funding application preparation and recommendations, one-stop smart industrialisation solution implementation, as well as related talent development. This will help enterprises apply for Government funding more smoothly, embark on the path of smartification, and enhance their overall competitiveness.

Mr Mohamed BUTT, Executive Director of HKPC, said “HKPC is committed to promoting New Productive Forces and realising New Industrialisation. This incentive aims to align with the HKSAR Government’s efforts to promote the development of local traditional and emerging industries, driving economic growth together with upstream and downstream sectors. As a nationwide leader in innovative, market-driven research and development (R&D) internationally, specialising in leading technologies and all-rounded manufacturing services, HKPC together with its experts will assist enterprises in mastering innovative technologies and accelerating the upgrading of industrial chains towards a high, intelligent and green future, so as to jointly drive development of New Industrialisation and promote New Productive Forces.”

For more information on HKPC’s concession offers, please click here to visit the HKPC website, dial +852 2788 5678, or email nifs@hkpc.org. This concession applies to quotations issued by HKPC to enterprises applying for the "NIAS" and “NIFS” between 1 December 2024 and 31 March 2026. The offer is subject to relevant terms and conditions.

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Mr Mohamed BUTT, Executive Director of HKPC, said “HKPC is committed to promoting New Productive Forces and realising New Industrialisation. This incentive aims to align with the HKSAR Government’s efforts to promote the development of local traditional and emerging industries, driving economic growth together with upstream and downstream sectors. As a nationwide leader in innovative, market-driven research and development (R&D) internationally, specialising in leading technologies and all-rounded manufacturing services, HKPC together with its experts will assist enterprises in mastering innovative technologies and accelerating the upgrading of industrial chains towards a high, intelligent and green future, so as to jointly drive development of New Industrialisation and promote New Productive Forces.” Mr Mohamed BUTT, Executive Director of HKPC, said “HKPC is committed to promoting New Productive Forces and realising New Industrialisation. This incentive aims to align with the HKSAR Government’s efforts to promote the development of local traditional and emerging industries, driving economic growth together with upstream and downstream sectors. As a nationwide leader in innovative, market-driven research and development (R&D) internationally, specialising in leading technologies and all-rounded manufacturing services, HKPC together with its experts will assist enterprises in mastering innovative technologies and accelerating the upgrading of industrial chains towards a high, intelligent and green future, so as to jointly drive development of New Industrialisation and promote New Productive Forces.” 

HKPC offers 30% concession of manpower cost to applicant company of the NIAS, at the same time extending the NIFS concession period and broadening eligibility coverage to boost both traditional and emerging industries, which will last until 31 March 2026.HKPC offers 30% concession of manpower cost to applicant company of the NIAS, at the same time extending the NIFS concession period and broadening eligibility coverage to boost both traditional and emerging industries, which will last until 31 March 2026.