Government keen on Science Park Phase 3 development

The Innovation & Technology Commission formed the $200mln Research & Development Cash Rebate Scheme to help enterprises.

Phase three of Science Park is due to open at the end of 2013, providing an additional 105,000 square metres of space when it is completed in 2016, Commissioner for Innovation & Technology Janet Wong says.

Speaking at the opening of the Institution of Engineers' conference on Monday, Miss Wong said following the success of Science Park's first two phases, the Government has decided to back the development of the third phase with the first buildings opening towards the end of 2013, according to a government report.

She said the Government will continue providing the best soft and hard infrastructure to make Hong Kong an innovation and technology hub. The Innovation & Technology Commission formed the $200 million Research & Development Cash Rebate Scheme in April to help enterprises conduct projects with Innovation & Technology Fund support, or in partnership with local designated research institutions.

Other financial support for the technology sector includes the Small Entrepreneur Research Assistance Programme, a scheme under the technology fund which provides pre-venture capital stage financing to support technology entrepreneurs conduct research and development work for starting new businesses and conducting market validation.