Hong Kong is starting a subsidy scheme with the main aim of encouraging early deployments of 5G technology in the territory.
The Office of the Communications Authority (OFCA), Hong Kong’s telecoms regulator, said that the new subsidy programme was launched under the second round of government funding to combat the impact of the Covid-19 pandemic.
The financial incentives are part of government initiatives to boost the economy, as it believes the early adoption of 5G technology will stimulate innovation and enhance the competitiveness of key industries.
“The scheme aims to encourage various sectors to deploy 5G technology early to foster innovation and smart city applications, and to improve efficiency of their operations and quality of their services that will contribute to enhancing Hong Kong’s overall competitiveness,” OFCA said in a statement.
“Public and private entities are welcome to submit applications for projects which are able to bring substantive benefits to the businesses and sectors through the deployment of 5G.”
Under the programme, the Hong Kong government will provide subsidies for up to 50% of the direct costs related to the deployment of a 5G project, with a cap of HK$500,000 (US$64,483).
Nearly 100 qualified projects will be subsidised through this approach, the regulator said.
Applications for the subsidy are open until November 2020 on a first come, first served basis.