The Hong Kong Trade Development Council (HKTDC) welcomes the Hong Kong SAR Government’s budget for the 2024-25 financial year, delivered by Financial Secretary Paul Chan on Wednesday.
The budget introduces a number of measures to boost Hong Kong’s economic growth and promote continued development of SMEs and start-ups.
The measures offer wide-ranging support to help entrepreneurs manage their cash flow and accelerate business transformation. The measures will attract high value-added industries, capital and international talent to Hong Kong as well as promote green and digital transformation.
HKTDC Chairman Dr Peter K N Lam said: “At the HKTDC, our mission is to support SMEs and provide them with opportunities to grow and transform. We welcome the Hong Kong SAR Government’s initiative to extend the application period and increase the total-guarantee commitment for the SME Financing Guarantee Scheme, and make continuous enhancements and inject more funds to the Dedicated Fund on Branding, Upgrading and Domestic Sales ("BUD Fund"). Aside from these initiatives, the introduction of enhancement measures for profit tax will also assist SMEs to tackle their capital flow challenges and accelerate their transformation.”
The HKTDC will work closely with the Hong Kong SAR Government to further promote Hong Kong’s strengths and eight-centre advantages, move towards a green and digital future and create opportunities for Hong Kong’s industries to ensure the continued growth of the city’s economy. We will also reinforce Hong Kong's important role as a two-way business and investment hub.
The budget again emphasised Hong Kong’s role as a leading business platform for the Belt and Road Initiative. The HKTDC’s global network of 50 offices covers the main Belt and Road markets, from ASEAN to Africa, from Europe to South America. This year, the HKTDC will set up two additional consultant offices along the Belt and Road to connect Hong Kong businesses with arising opportunities.
The HKTDC will continue to be guided by the eight major steps of the Belt and Road Initiative, as announced by President Xi Jinping last year, and leverage its global network and major events to help Hong Kong businesses explore Belt and Road markets.
The HKTDC supports SMEs’ development and expansion through a range of support programmes, including the Transformation Sandbox (T-box), GoGBA one-stop platform and Digital Academy.
In the 2024-25 financial year, the HKTDC will support SMEs in four principal ways.
Firstly, help SMEs seize opportunities brought about by the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the country’s 14th Five-Year Plan.
Secondly, capture opportunities arising in the Regional Comprehensive Economic Partnership (RCEP) and other emerging markets, especially ASEAN and the Middle East.
Thirdly,help SMEs achieve digital and green transformation.
Finally, enrich international business-people’s stay in Hong Kong, enhance digital offerings in HKTDC exhibitions and conferences, and provide a seamless online and offline experience for event participants.