Government support - SMEs integrate in GBA
Hong Kong Chief Executive's recent 2020 Policy Address has identified several opportunities to assist SMEs in Hong Kong to become more competitive and to strengthen synergies between Hong Kong and rest of the 9 Mainland cities within the Greater Bay Area region.
Pan-Greater Bay Area Inward Investment Liaison Group
A Pan-Greater Bay Area Inward Investment Liaison Group will be established allowing InvestHK, HK government department responsible to attract inward investment, and its counterparts in other cities in the GBA to develop holistic and joint inward investment propositions with a view to enhancing synergies.
More funding for SMEs
To facilitate small and medium enterprises (SMEs) to apply for relevant funding from various government support schemes in a quicker and easier way, the government has formed the “SME ReachOut” service team to provide one-stop consultation and referral services.
The plan is to expand the scope of the SME Export Marketing Fund for two years to cover large-scale exhibitions organised by organisers with proven track record targeting the local market, as well as virtual exhibitions organised by the HKTDC and reputable exhibition organisers with good track record. The eligibility criteria will also be relaxed to cover non-SMEs.
More funding to strengthen Hong Kong's Brand
To further encourage the professional services sectors to step up promotion of Hong Kong’s competitive edges and professional services to the Mainland cities of the GBA and overseas markets after the pandemic has stabilised, the government will set aside HK$50 million under the Professional Services Advancement Support Scheme to subsidise major professional bodies to participate in relevant activities organised by the HKSAR Government, the HKTDC and overseas Economic and Trade Offices (ETOs).
Engagement of Young Professionals
in Hong Kong
Hong Kong Chief Executive's recent 2020 Policy Address has identified the need to assist young people to demonstrate their ability by starting their own businesses and finding an alternative path to working in traditional sectors. At the same time, there is a priority to better integrate Hong Kong within the Greater Bay Area region (GBA) in China.
Cross-border Entrepreneurial Opportunities
When the Covid situation becomes more stable and cross-border is relaxed, the government will launch a scheme to subsidise over 10 NGOs to implement youth entrepreneurship projects. It is estimated that about HK$100 million will be provided for nearly 200 youth start-ups and supporting services to about 4,000 young people.
According to the government, Guangdong and the Mainland cities of the GBA have agreed to support the scheme by providing co-working bases and allowing Hong Kong young people enjoy the same treatment and support as their peers on the Mainland.
We will monitor updates and follow-up with the launch of the new scheme. As a founding member of the non-profit entity, the Greater Bay Area Business Association, we envision we will serve as one of the catalysts to facilitate this cross-border entrepreneurial program for our young professionals based in Hong Kong.