The Innovation and Technology Fund (ITF) of Hong Kong has met with enthusiastic response among local companies, professional bodies, industry support organizations, trade and industry associations, universities and research institutes since it was launched two months ago.

Established by the Hong Kong Industry Department, the ITF was open for application from November 1, 1999. A total of 322 applications for financial support under the four programs of the ITF were received by the end of 1999.

"The outstanding number of inquiries and applications shows that the four ITF programs have met with enthusiastic response among private companies and the academic circle," said Annie Choi, assistant director-general of industry, on Tuesday.

The four programs under the ITF are, namely, the Innovation and Technology Support Program (ITSP), the University-Industry Collaboration Program (UICP), the General Support Program (GSP) and the Small Entrepreneur Research Assistance Program (SERAP).

All ITSP, GSP and SERAP applications will be considered by the relevant assessment committees comprising industrialists, technologists, academics, government officials and venture capitalists.

"The processing time for a UICP application is one month and SERAP two months. As for the ITSP and GSP applications, the results will be announced in April," Choi said. (Xinhua)