HKTDC Welcomes 2022/23 Budget

Supporting SMEs to find new opportunities amid the pandemic

HONG KONG, Feb 23, 2022 - (ACN Newswire) - The Hong Kong Trade Development Council (HKTDC) welcomes the Hong Kong Special Administrative Region (HKSAR) 2022/23 Budget, including the additional funding to the Council for a support scheme for Hong Kong businesses in Mainland China, to help them capture opportunities under the National 14th Five-year Plan. The Budget was announced by the HKSAR Financial Secretary Paul Chan earlier today with relief measures for citizens and small and medium-sized enterprises (SMEs) in Hong Kong to support the economy amid the continuing COVID-19 challenges, and plan for its long-term sustainable development.

HKTDC Chairman Dr Peter K N Lam said: "The pandemic has brought unprecedented challenges to SMEs in the past two years. The measures announced in this year's Budget, including enhancements to various export credit and SME financing schemes, can alleviate pressures on cash flow and operations. In addition, the various measures to support the IP (intellectual property) and technology sectors can also help SMEs tap into new markets and upgrade and transform their business.

"We are also encouraged that the HKSAR Government has allocated additional funding to support Hong Kong businesses pursuing development in the mainland. Through our network of mainland offices, we will work with partners including established Hong Kong business, professional services, and young entrepreneur associations in these cities, to organise training, exchange events, business missions and promotion campaigns.

"We believe this can help Hong Kong businesses in the mainland to expand and capture opportunities arising from the 'dual circulation' strategy and the Guangdong-Hong Kong-Macao Greater Bay Area, so as to better integrate into the nation's development." Dr Lam said.

In addition to the mainland market, the HKTDC will continue helping SMEs capture business opportunities in mature and emerging markets. Dr Lam said: "We will continue to help Hong Kong companies develop ASEAN (Association of Southeast Asian Nations) and mature markets with enhancements to our flagship overseas promotions such as 'Think Business, Think Hong Kong', as well as strengthen our online and offline platforms, business matching services, SME support schemes and other training activities, to help Hong Kong businesses connect with global enterprises and target relevant opportunities effectively. We are also glad to learn that the Government will actively consider attracting more conventions and exhibition events to be organised in Hong Kong when the pandemic subsides."

"Our team at the HTKDC will do all we can to create new opportunities for our industries, enabling them to diversify and find new impetus for recovery and growth amid the pandemic." Dr Lam added.

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