Hong Kong’s latest Budget, unveiled on Wednesday by the Hong Kong SAR Government’s Financial Secretary Paul Chan, contained a variety of measures to support start-ups and SMEs as well as the city’s overall economic and trade development.
The Budget outlined plans to inject HK$1.5 billion (US$193 million) into two ongoing initiatives to help businesses expand into new markets: the Dedicated Fund on Branding, Upgrading and Domestic Sales, otherwise known as the BUD Fund, and the Export Marketing and Trade and Industrial Organisation Support Fund.
Applications for these funds will also be streamlined, Mr Chan said, with details to be announced in due course by the Commerce and Economic Development Bureau.
Mr Chan also highlighted plans to help SMEs broaden their footprint in Mainland China through E-commerce Express, a new initiative organised by the Hong Kong Trade Development Council (HKTDC).
E-commerce Express includes thematic training seminars and one-on-one advisory services to help SMEs better understand e-commerce opportunities in Mainland China. The programme’s flagship event, the month-long Hong Kong Shopping Festival, will take place in August.
The Festival, which made its debut last year, gives Hong Kong brands hands-on experience of using e-commerce platforms to explore the mainland market and increase the visibility of their products.
The HKTDC will also work closely with the Trade and Industry Department to enhance mentorship schemes, empowering Hong Kong businesses to effectively leverage mainland e-commerce and online platforms.
The HKTDC has welcomed the Budget, which it sees as providing concrete support to SMEs amid a challenging economic environment.
The HKTDC is also supporting various Budget proposals to promote innovation and technology development in Hong Kong.
To help increase exposure for local tech products among local and international buyers, the HKTDC will partner with education and research institutions to provide more showcases and sales platforms for local technology enterprises and start-ups.
To further showcase innovative technology products from Hong Kong, the HKTDC also plans to launch a thematic pop-up display area to its Hong Kong Design Gallery, its retail platform, as well as at major exhibitions.
A new global Summit
The Budget also highlighted a new event which will make its debut this year, the Hong Kong Global Financial and Industry Summit. This will be hosted by the Financial Services and the Treasury Bureau, in collaboration with the Office for Attracting Strategic Enterprises and the HKTDC.
The Summit aims to bring more capital and businesses to Hong Kong by leveraging the city’s financial strengths to further enhance international industrial cooperation.
The HKTDC is also amplifying project connections and deal-making promotion at the Belt and Road Summit, focusing on green development and innovative technology, to fortify Hong Kong’s positioning as a commercial Belt and Road hub.
At the same time, the HKTDC will continue to closely cooperate with the HKSAR Government, actively promoting Hong Kong's advantages to global markets, while attracting international financial and business leaders to explore global market opportunities through the Hong Kong platform.
The HKTDC recently announced three main focus areas for its work over the next financial year to help reinforce Hong Kong's competitiveness and international connections.
