New subsidy programs to provide MOP11m to two projects

FCI’s Davina Chu (left), Leong Heng Teng and Wong Keng Chao

The Cultural Industry Fund (FCI) will launch two subsidy programs in 2019, approving a maximum of MOP11 million to two companies for two service platforms, the FCI announced yesterday during a press conference. 

The two platforms consist of a publication service platform, and a television and filming service platform.

The publication platform should provide one- station services to Macau’s publications on art, history and culture, including organizing new book issuing ceremonies, participating in book exhibitions, and selling books both online and in stores.

The maximum subsidy for the publication platform is MOP5 million, with only one applicant being granted the subsidy.

During the two years of the project’s implementation, the service provider should publish at least 40 Macau books and promote the books in markets other than Macau, in particular, on mainland platforms.

The subsidized party should lead Macau’s publication industry by attending two or more book fairs.

A maximum of MOP6 million will be given to a television and film production company in order for it to explore a bigger market for Macau’s television and film industry.

Both applications should be made before January 31.

The FCI approved a total of MOP77 million in subsidies during the whole year of 2018, as revealed in the statistics in the FCI 2018 subsidy report.

In total, 125 applications were submitted to the FCI for different subsidies.

Among all applications, 59 were made by enterprises, of which 24 were approved, including MOP12 million in subsidies and MOP44 million in interest-free loans.

Five companies have not paid back the loans yet but, according to the FCI, these borrowers have promised the FCI a deadline.

These subsidized companies mainly come from the fashion industry, brand design industry, music and dance industry, software and fame industry, as well as television and film industry. In total, these companies’ projects represent a total of MOP277 million in investment.

The FCI also received 42 applications for community recreational funds. The applications were submitted by recreational companies and stores. 23 were approved for recreational industry subsidies. Eleven managing companies will implement 21 approved projects, the owners of which accepted the FCI’s subsidy.

Regarding the recreational subsidies, the FCI granted MOP6 million to these 21 projects. All of them are expected to be completed within the first half of 2019.

The largest subsidies went to three companies for the promotion of Macau brands.

In total, the FCI provided approximately MOP15 million to three companies (24 applications were submitted to the FCI in total) for them to promote Macau branded recreational products in mainland China, more specifically in Chengdu, Guangzhou and Zhongshan.