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HKTDC Welcomes Government Initiatives to Help SMEs

1 February 2012 – The Hong Kong Trade Development Council (HKTDC) welcomes the business-support measures proposed by the Financial Secretary in his budget speech today. The Council believes the measures will help local businesses, particularly small and medium-sized enterprises (SMEs), weather the challenging economic environment.

“The global economy looks gloomy, with the continuing euro crisis and the slower-than-expected recovery of the US economy,” HKTDC Acting Executive Director Margaret Fong said. “Against this backdrop, the government has proposed a host of timely measures for the benefit of business operators. 

“Such measures, including waiving business registration fees, halving the charges for import and export declarations, reducing profit tax, increasing the maximum loan-guarantee ratio of the SME Financing Guarantee Scheme to 80 per cent, and supporting the Hong Kong Export Credit Insurance Corporation in offering special concessions for SMEs, will enhance the competitiveness and ease the financial pressures of local SMEs and help them tide over the difficult times,” she said. 

The HKTDC predicts that the total value of Hong Kong’s exports will grow by only one per cent this year, given the bleak outlook for mature markets. 

“The local business community has been asking for assistance since the global economic downturn, and the HKTDC has reflected their demands to the government through various channels. Today, we are pleased to learn that the government has responded to their appeal,” said Ms Fong. 

HKTDC Measures
“In the face of the worsening global economic environment, the HKTDC will continue to help local SMEs open up new markets and tap promising business opportunities,” she pledged. “In addition to opening up the mainland domestic market and building our Hong Kong brands, the Council will provide timely market information, organise more business missions to emerging markets, arrange more business-matching meetings between local businesses and potential partners from these markets, and stage large-scale promotions in targeted markets such as Indonesia and India.”

The HKTDC will also enhance its efforts in encouraging mainland enterprises to use Hong Kong’s business platform to go global. “As more mainland enterprises make use of Hong Kong’s business platform, it will benefit local service providers and expand opportunities for cooperation between Hong Kong and mainland enterprises, further reinforcing Hong Kong’s position as an international commercial hub” said Ms Fong.

Working with Mainland Enterprises
The HKTDC, she added, will step up its joint overseas missions with mainland enterprises in the coming year. “And Hong Kong will play a more important role in mainland enterprises’ quest for investment and acquisitions overseas,” she said.

“The HKTDC helps local businesses tap opportunities in world markets through a host of support services,” Ms Fong said. “We hope that the government’s new initiatives, together with HKTDC services, business missions and other measures, can help local business ride through these difficult times.”

Media Enquiries
Please contact the HKTDC's Corporate Communication Department:

Joe Kainz
Tel: (852) 2584 4216
Email: joe.kainz@hktdc.org

About the HKTDC
A statutory body established in 1966, the Hong Kong Trade Development Council (HKTDC) is the international marketing arm for Hong Kong-based traders, manufacturers and service providers. With more than 40 global offices, including 11 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China and throughout Asia. The HKTDC also organises trade fairs and business missions to connect companies with opportunities in Hong Kong and on the mainland, while providing information via trade publications, research reports and online. For more information, please visit: www.hktdc.com 

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