HKTDC welcomes economic recovery measures in 2021/22 Budget

HONG KONG, Feb 24, 2021 - (ACN Newswire) - The Hong Kong Trade Development Council (HKTDC) welcomes the Hong Kong Special Administrative Region (HKSAR) 2021/22 Budget, including the additional funding to the Council, to help revive the economy and support small and medium-sized enterprises (SMEs) to tackle the challenges brought by the COVID-19 pandemic and economic downturn. The Budget was announced by the HKSAR Financial Secretary Paul Chan earlier today.

HKTDC Chairman Dr Peter K N Lam said: "We welcome the economic recovery measures announced in the Budget, including fee waivers, tax reduction and optimising the 'SME Financing Guarantee Scheme' which would help relief the pressure on cash flow for SMEs. The Government's injection of new capital into the 'Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund)' and expansion of geographical coverage will also help Hong Kong companies tap into more promising markets."

Dr Lam said: "With the world still fighting the COVID-19 pandemic, we expect many international trade fairs and conferences may continue to be held virtually. Even when the pandemic subsides, a physical cum virtual hybrid model will likely be the new norm. It is therefore of utmost importance to help enterprises accelerate their digital transformation. We will build a robust virtual platform supported by the latest technology to offer a seamless online-to-offline experience for buyers and sellers, helping local and global companies capture opportunities with greater ease and precision."

"To help Hong Kong companies ride on the opportunities from Mainland China's 'dual circulation' policy and the Guangdong-Hong Kong-Macao Greater Bay Area development, we will ramp up our business promotion and matching activities. At the same time, we will leverage the growing focus on healthcare to develop Hong Kong into the leading international hub for medical and healthcare investment in the region."

"We will redouble our efforts to create new opportunities for our industries, enabling them to diversify business and find new impetus for growth in the post-pandemic new normal," Dr Lam added.

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 trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiriesPlease contact the HKTDC's Communication and Public Affairs Department:Beatrice Lam, Tel: +852 2584 4049, Email: beatrice.hy.lam@hktdc.orgSusanna Sin, Tel: +852 2584 4294, Email: susanna.kc.sin@hktdc.org

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