Re-industrialisation Funding Scheme funds project to set up smart production line for health food supplements (with photos)
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The Commissioner for Innovation and Technology, Ms Rebecca Pun, said when signing the funding agreement, "We are pleased to see for the first time that a company in the health food sector is making use of the funding under the RFS to set up a smart production line in Hong Kong. Catalo Natural Health Foods Limited, which is a famous health food brand in Hong Kong, will move into the Hong Kong Science and Technology Parks Corporation's recently opened MARS Centre and establish the first-ever factory and smart production line in Hong Kong to produce products in the form of capsules, tablets and formulated powders, etc, locally. We look forward to seeing more companies setting up smart production lines in Hong Kong with the support of the RFS to further strengthen the 'Made in Hong Kong' brand".
The approved total project cost is about $23.7 million and the manufacturer will bear the cost of about $15.8 million. The project will adopt smart technologies to enhance production efficiency and facilitate product diversification. As a result, the production cycle will be shortened by 50 per cent and over 100 new products are expected to be launched in the future. Please refer to the website (www.catalo.com/hk/about-us/press-release) for an introduction of Catalo Natural Health Foods Limited and the smart production line project.
Under the RFS, 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. Since the launch of the RFS in July 2020, the ITC has received 36 applications. Among the 25 applications assessed by the RFS Vetting Committee, 21 were supported in principle, covering sectors such as biotechnology, food manufacturing and processing, construction, printing, medical devices, nanofiber materials, product accessories and health products. The total funding amount is about $153 million, while the companies foot the bill of $354 million.
The RFS is open for application throughout the year. Details are available at the website of the Innovation and Technology Fund (www.itf.gov.hk/en/funding-programmes/facilitating-technology/rfs). For enquiries, please contact the RFS Secretariat (Tel: 3655 5678; email: rfs-enquiry@itc.gov.hk).
Ends/Tuesday, March 15, 2022
Issued at HKT 15:00
Issued at HKT 15:00
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