Measures to create strong impetus for growth: Supporting SMEs, enhancing night-time activities, and attracting events to Hong Kong

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6th December 2023 – (Hong Kong) The Hong Kong Government recognizes the importance of creating strong impetus for growth in various aspects to boost public and investor confidence in the future development of the city. In response to questions from the Legislative Council, the Secretary for Commerce and Economic Development has outlined measures being taken in three key areas:

  1. Supporting Local Creative Brands and Small Businesses: The Trade and Industry Department (TID) provides various funding schemes to assist small and medium enterprises (SMEs) in developing their brands and exploring diversified markets. The Dedicated Fund on Branding, Upgrading, and Domestic Sales (BUD Fund) offers financial support to non-listed enterprises for brand development. The SME Export Marketing Fund (EMF) provides funding for SMEs to promote their brands in overseas markets. Additionally, Cyberport will launch the Digital Transformation Support Pilot Programme to support retail and food and beverage SMEs in adopting digital solutions.
  2. Enhancing Night-Time Activities: The “Night Vibes Hong Kong” campaign was launched to revitalize the city’s nightlife and offer a wide range of night-time events with local characteristics. The Leisure and Cultural Services Department (LCSD) collaborates with various organizations to organise night-time activities covering entertainment, arts, culture, and consumption. Public feedback is continually sought to improve the campaign and inform future plans for night-time activities.
  3. Attracting Major Events and Brands: The Culture, Sports and Tourism Bureau (CSTB) and the Hong Kong Tourism Board (HKTB) actively promote Hong Kong as the Events Capital of Asia. Efforts include organizing mega events, supporting large-scale activities, and attracting international sports events and renowned performers to the city. The CSTB plans to host the first “Hong Kong Performing Arts Expo” to showcase outstanding performing arts and expand overseas opportunities for local talents. The CSTB also organizes the “Hong Kong Fashion Design Week” and supports various cultural and arts festivals. The HKTB promotes festive promotions, sporting events, and large-scale cultural activities with Hong Kong’s unique characteristics to attract visitors.

These measures aim to support the growth of local businesses, enrich the cultural and entertainment landscape, and position Hong Kong as a vibrant and attractive destination for visitors. The government remains committed to creating a favourable environment for economic development and fostering a diverse and dynamic economy.