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New Industrialisation Funding Scheme funds project to set up digital printing smart production line (with photos)
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     The New Industrialisation Funding Scheme (NIFS) under the Innovation and Technology Commission today (January 30) has approved around $7.8 million for a project by People Printing Press Limited to set up a new smart production line for digital printing. 
      
     The Commissioner for Innovation and Technology, Mr Ivan Lee, said, "With competition becoming globalised, customers demanding for faster delivery, and printing orders trending towards larger product range and lower order quantities, smart manufacturing can help Hong Kong's printing industry handle different types of orders more flexibly and swiftly and enhance printing quality to stay competitive."
      
     Mr Lee also said, "To strengthen our efforts in supporting enterprises to adopt smart manufacturing in Hong Kong and seize market opportunities, the NIFS launched a relaxation measure in January this year to allow enterprises to carry out up to three projects concurrently with a total maximum funding of $45 million. We hope to support the setting up of more smart production lines in Hong Kong to help bolster the 'Made in Hong Kong' brand."
      
     The total cost of the approved project is about $23.4 million and the manufacturer will bear the cost of about $15.6 million. Apart from advanced human-machine interface (HMI) and automation, the project will also adopt other advanced technologies such as smart sensors, the Internet of Things (IoT), real-time data, remote monitoring and application of data analytics. 
      
     Under the NIFS, the Government will provide funding on a 1 (Government): 2 (company) matching basis to subsidise manufacturers to establish smart production lines in Hong Kong. The funding ceiling is one-third of the total project cost or $15 million, whichever is the lower. 
      
     The NIFS is open for applications throughout the year. Details are available on the website of the Innovation and Technology Fund (www.itf.gov.hk/en/funding-programmes/facilitating-technology/nifs). For enquiries, please contact the NIFS Secretariat (Tel: 3655 5678; email: nifs-enquiry@itc.gov.hk).
 
Ends/Tuesday, January 30, 2024
Issued at HKT 16:00
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The New Industrialisation Funding Scheme has approved funding for a project by People Printing Press Limited to set up a smart production line for digital printing. Photo shows the Commissioner for Innovation and Technology, Mr Ivan Lee (back row, left), and the Director of People Printing Press Limited, Mr Liu Wai-hung (back row, right), witnessing the signing of the funding agreement by the Assistant Commissioner for Innovation and Technology (Funding Schemes), Mr Indiana Wong (front row, left), and the Director of People Printing Press Limited, Mr Lambert Liu (front row, right), today (January 30).
The New Industrialisation Funding Scheme has approved funding for a project by People Printing Press Limited to set up a smart production line for digital printing. Photo shows the Commissioner for Innovation and Technology, Mr Ivan Lee (right), and the Director of People Printing Press Limited, Mr Liu Wai-hung (left), attending the signing ceremony of the funding agreement today (January 30).