Zhitong Finance App learned that on October 28, the Secretary for Innovation, Technology and Industry of Hong Kong, Sun Dong, said in writing in response to questions from members of the Legislative Council that innovation and technological development are the driving force for the upgrading and transformation of traditional industries. Hong Kong will continue to support R&D institutions through the “Innovation and Technology Fund” to carry out R&D and technology transfer projects covering advanced manufacturing, new energy, life and health, new materials, big data, artificial intelligence IoT, robotics, smart transportation, environmental technology, etc., to promote the upgrading and transformation of traditional dominant industries (including the textile and garment industry).
Sun Dong mentioned that the Hong Kong government has been working hard to establish a new industrial development system with Hong Kong characteristics. Positive results were achieved after the launch of the “New Industrialization Funding Scheme” (Funding Scheme) and the “New Industry Acceleration Program” (Acceleration Program).
Among them, the funding scheme uses a 1 (government) :2 (enterprise) matchmaking format to fund enterprises to set up new intelligent production lines in Hong Kong. The maximum funding amount for each project is one-third of the total project expenditure or HK$15 million, whichever is lower.
The Acceleration Program supports enterprises engaged in life and health technology, artificial intelligence and data science, advanced manufacturing and new energy technology to set up new intelligent production facilities in Hong Kong in the form of a 1 (government) :2 (enterprise) match. Each enterprise can receive up to HK$200 million in funding.
He also pointed out that since the “Funding Scheme” introduced optimization measures in 2025 to simplify the document requirements and review procedures for projects with a funding amount of HK$2.8 million or less, the Innovation and Technology Commission has processed a total of 11 relevant applications. Of these, 10 applicants were SMEs, and all of them were supported by the review committee. The average time between submitting all documents and being notified of the review results was shortened to 21 working days, so that the applicant company could carry out all the work under the project as soon as possible. The industry reacted positively to this. The Innovation and Technology Department will continue to review the operation of the Funding Scheme and introduce optimization measures in due course.
The Hong Kong Government plans to announce the “Hong Kong New Industrialization Medium- and Long-Term Development Plan” (Plan) within this year to establish a new industrialization development path with “high technology and high added value” as the core. On the one hand, it will actively cultivate strategic emerging industries such as life and health technology, artificial intelligence and advanced manufacturing, as well as future industries such as intelligent and biological manufacturing; on the other hand, focus on consolidating and upgrading traditional dominant industries, including textiles and clothing. Furthermore, it will promote “dual-industry driven” development, that is, equal emphasis on manufacturing and productive services. The content of the plan will cover relevant development goals and policy measures.
Furthermore, Hong Kong is actively building a high-value-added supply chain service center to better play its unique role and connect with the country's modern industrial system, including helping to upgrade and transform traditional industries and cultivate and expand emerging pillar industries. Among them, the 2026 “Policy Address” proposes that the government will establish a “Task Force for High Quality Development of the Textile and Fashion Industry” to coordinate and promote the high-quality development of the textile and fashion industry in the fields of innovative technology, fashion design, supply chain management, sustainable development, brand promotion, and talent cultivation, and assist the industry to link the mainland and overseas markets. The task force is expected to be established in the first half of 2027 and report to the Chief Executive within 2027.