Hong Kong’s government has allocated HKD200m (USD26m) to implement its research and development cash rebate scheme in April next year, subject to legislative approval.
Businesses that are conducting applied R&D projects with the Innovation & Technology Fund's support, or in partnership with local designated research institutions like universities, R&D centres and the Productivity Council, will enjoy a cash rebate equivalent to 10% of their investment.
It is hoped that the exchange and co-operation between the academic sector and industries can increase the chances of success in commercializing R&D results, boost business opportunities for manufacturers and contribute to the community's advancement.
The Acting Commissioner for Innovation & Technology, Andrew Lai, who announced the scheme at the Electrical Appliances Week 2009 opening ceremony, noted that "innovation can bring in new opportunities for even an ordinary electrical appliance", adding that moving towards high technology has now become the dominant trend.
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