HKTDC welcomes Hong Kong SAR's 2024-25 budget

HONG KONG, Feb 28, 2024 - (ACN Newswire) - The Hong Kong Trade Development Council (HKTDC) welcomes the Hong Kong Special Administrative Region (HKSAR) 2024-25 budget.

The budget introduces a number of measures to boost Hong Kong's economic growth and promote the continued development of SMEs and start-ups. These measures offer wide-ranging support to help SMEs manage their cash flow and accelerate their transformation, 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 HKSAR 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 HKSAR 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 reiterated 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 Belt and Road’s main markets, from ASEAN to Africa, from Europe to South America. This year, we will set up two additional consultant offices along the Belt and Road to connect Hong Kong businesses with arising opportunities. 

Dr Lam added that the next 10 years will be a "golden decade" for the Belt and Road.  The HKTDC will continue to be guided by the eight major steps of the Belt and Road Initiative, as announced by President Xi Jinping in 2023, and leverage our global network and major events to help Hong Kong businesses explore the Belt and Road market.

The HKTDC supports SMEs’ development and expansion via a range of support programmes, including the Transformation Sandbox (T-box), GoGBA one-stop platform and Digital Academy.

In the 2024-25 financial year, we will provide support to SMEs according to four main directions:

• Assist SMEs to seize opportunities brought about by the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the country's 14th Five-Year Plan;
• Capture arising opportunities in the Regional Comprehensive Economic Partnership and other emerging markets, especially ASEAN and the Middle East;
• Help SMEs achieve digital and green transformation; and
• 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.

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About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn