BUDGET 2023: HK Provides Financial Aid to Explore and Tap Markets

The government is also giving monetary assistance to SMEs.

The Hong Kong Government will provide financial aid to assist businesses and investors in opening up their markets. 

According to Finance Secretary Paul Chan, they will explore and tap into emerging markets in Asia and Africa while maintaining their ties with European and American markets.

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To fund this initiative, the government will give an additional $550m in funding to the Trade Development Council over five financial years starting from 2023.

The Finance Secretary emphasised that the funding will help Hong Kong-based businesses seize any opportunities arising from the Belt and Road Initiative, tap into emerging markets, and step up their global promotional efforts.

Secretary Chan also proposed an additional $500m in dedicated funding for Branding, Upgrading, and Domestic Sales (BUD), as well as the launching of BUD Easy to expedite the application process for small and medium-sized enterprises (SMEs).

Additionally, the government will allocate $100m to the Productivity Council to strengthen assistance for SMEs when applying for government subsidies.