The Nano and Advanced Materials Institute (NAMI), established in 2006, has come under scrutiny following a recent audit by the Audit Commission, which highlighted significant performance issues over the past five years. According to the report, NAMI's economic contribution to Hong Kong has seen a nearly 30% decline, dropping from 30.8% in the 2019-20 fiscal year to just 22.5% in 2023-24 [171b25d8].
The audit revealed that NAMI has consistently failed to meet its performance targets, starting fewer projects than expected in four out of the last five years. On average, the institute fell short by eight projects annually, which has raised concerns about its operational efficiency and effectiveness in driving innovation [171b25d8]. Additionally, a staggering 74% of the funded projects experienced delays ranging from 7 to 18 months, further impacting NAMI's ability to contribute to the local economy [171b25d8].
Financial scrutiny also pointed to overspending by the former CEO, who reportedly exceeded budgets on 11 out of 30 business trips, with hotel costs ranging from HK$5,000 to HK$82,000. This raises questions about fiscal responsibility within the organization [171b25d8].
As of July 2024, NAMI had received total funding of HK$1.51 billion, yet its annual income fluctuated between HK$226.8 million and HK$290.2 million. The institute's contribution to Hong Kong's GDP has also seen a significant decrease, plummeting from HK$1.53 billion in 2020-21 to HK$1.09 billion in 2022-23 [171b25d8].
These findings have sparked discussions about the future direction of NAMI and its role in Hong Kong's research and development landscape, particularly in the fields of nanotechnology and advanced materials. Stakeholders are now calling for a reassessment of NAMI's strategies to ensure it can effectively contribute to the region's economic growth and innovation [171b25d8].