Innovation and Technology in Hong Kong

Topics: Technology, Research, Innovation Pages: 6 (1802 words) Published: August 21, 2013

Innovation and Technology
Promotion of Innovation and Technology: Innovation and technology are drivers for economic growth and the key to enhance competitiveness of our industries. The Innovation and Technology Commission (ITC) was set up on July 1, 2000 with the mission to spearhead Hong Kong’s drive to become a world-class, knowledge-based economy. The ITC supports mainly applied research and development (R&D) and technology transfer and application; fosters an innovation and technology culture in the community; promotes technological entrepreneurship; provides technological infrastructure; facilitates the development of human capital to support innovation and technology; and promotes internationally accepted standards and conformity assessment services. The ITC also works closely with other government departments, the industrial and business sectors, tertiary institutions and industrial support organisations to promote applied R&D in different technology areas, as well as the upgrading of foundation industries. Following a comprehensive review and a public consultation exercise, the ITC set up five R&D centres in 2006 to drive and co-ordinate applied R&D in five focus areas, namely automotive parts and accessory systems; information and communications technologies; logistics and supply chain management enabling technologies; nanotechnology and advanced materials; and textiles and clothing. Since their establishment, the Centres have been working closely with the industries in conducting industryoriented R&D and promoting commercialisation of the R&D results, thereby helping technology upgrading and enhancing the competitiveness of the industry in the Greater PRD region. As at the end of February 2013, 527 projects from the R&D Centres were approved at a total project cost of $3 billion. Steering Committee on Innovation and Technology: In January 2004, the Government established the Steering Committee on Innovation and Technology to co-ordinate the formulation and implementation of innovation and technology policy and ensure greater synergy among different elements of the innovation and technology programme. The Steering Committee is chaired by the Financial Secretary with members from relevant Government bureaux, academia, industry, and innovation and technology organisations. Funding Schemes: The ITC manages the following funding schemes to encourage Hong Kong companies to develop innovative ideas and technology businesses. The Innovation and Technology Fund (ITF): The Government set up the ITF in 1999 with an injection of $5 billion. It aims to support projects that contribute to innovation and technology upgrading in industry. There are four programmes under the ITF to cater for different needs: Innovation and Technology Support Programme; University-Industry Collaboration Programme; General Support Programme; and Small Entrepreneur Research Assistance Programme. As at the end of February 2013, 3 215 projects with a total ITF funding of $7.3 billion were approved. Most of the funded projects were related to information technology (19 per cent); electrical and electronics (17 per cent); manufacturing technology (11 per cent); and biotechnology (10 per cent). Research and Development Cash Rebate Scheme: In April 2010, the Government introduced the R&D Cash Rebate Scheme to reinforce the research culture among enterprises and encourage them to establish stronger partnerships with local research institutions. Under the Scheme, we will provide a cash rebate on the applied R&D investments by enterprises. The Scheme covers projects funded by ITF and applied R&D projects conducted by enterprises in partnership with local designated research institutions. Since February 2012, the level of cash rebate has been increased from 10 per cent to 30 per cent. As at end of March 2013, 577 applications with a total cash rebate of $41.4 million were approved. Technological Infrastructure: The ITC helps develop...
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