The 2024 Policy Address has set a robust agenda to invigorate Hong Kong’s economy, including helping small and medium-sized enterprises (SMEs) through innovative schemes to foster development in innovation and technology (I&T).
Recognizing the critical role SMEs play, the Hong Kong Productivity Council (HKPC) offers small businesses a range of services designed to enhance productivity, innovation and competitiveness. By aligning closely with industry needs and market trends, HKPC empowers SMEs to navigate opportunities in local and international markets, setting the stage for long-term sustainable development.
The Policy Address also focuses on optimizing the strategy for new industrialization, such as the HK$10 billion I&T Industry-Oriented Fund and establishing the Hong Kong New Industrialisation Development Alliance to strengthen emerging industries like AI, robotics, semiconductors and new energy.
These initiatives align with findings from HKPC’s recent Hong Kong Manufacturing Industries Development Study Report, which underscores the importance of innovative technological adoption to advance manufacturing capabilities.
Supporting SMEs
HKPC offers six critical support services designed to boost SME competitiveness and promote high-quality economic development in Hong Kong. These include:
1-on-1 Funding & Technical Consultation
The SME ReachOut team at HKPC is dedicated to assisting SMEs in identifying suitable government subsidies and addressing application queries. Additionally, “Tech Buddy” services help SMEs integrate technology into their operations, offering tailored solutions for technical upgrades.
Cyber Security Guidelines & Education
The Hong Kong Computer Emergency Response Team Coordination Centre (HKCERT) freely provides an “Incident Response Guideline for SMEs” to enhance cyber security awareness and preventive capabilities. Resources include cyber security alerts, phishing detection tools, and ransomware prevention guidelines.
ESG Assessment Scorecard
ESG One, an initiative by HKPC, raises awareness and capabilities in Environmental, Social, and Governance (ESG) principles among enterprises. Free ESG assessments promote sustainable growth and value chains, fostering an ESG ecosystem that helps enterprises achieve sustainable development goals.
Discount on HKPC vLearn Platform
A 50% discount is available for designated courses on the vLearn online learning platform, covering project management, marketing strategies, cyber security, crisis management, and ESG. This discount also applies to consultancy and testing service costs, facilitating new R&D and product testing for enterprises.
Digital Transformation DIY
“Digital DIY” provides cost-effective digital transformation solutions tailored for SMEs and startups. The service includes an “AI-Chatbot” that offers digital self-assessment tools and recommendations.
Easy Management of Government Funding
The “Biz Expands Easy” (BEE) platform simplifies the application process, allowing users to conveniently view and manage applications for relevant funding programs in real time.
New Industrialization Development
Recent findings from the “Hong Kong Manufacturing Industries Development Study Report” reveal that 81% of manufacturing companies surveyed have yet to adopt smart solutions to meet increasing customization demands.
The report highlights the necessity of leveraging technology to explore new manufacturing models, implement digital transformation and promote flexible production through “Microfactories” to foster new productive forces.
Announced in the Policy Address, the Hong Kong New Industrialisation Development Alliance and the HK$10 billion I&T Industry-Oriented Fund will be pivotal to addressing these challenges. The initiatives will strengthen strategic emerging industries, including life and health technology, artificial intelligence, robotics, semiconductors and new energy, systematically building a comprehensive I&T ecosystem.
HKPC encourages enterprises to utilize Government funding, such as the New Industrialisation Funding Scheme (NIFS) and the New Industrialisation Acceleration Scheme (NIAS), to establish smart production lines in Hong Kong, enhancing productivity and expanding their businesses. Both traditional manufacturing sectors and emerging industries can apply for matching funds under these schemes to develop new smart production lines, thereby increasing operational efficiency and adding value.
As an essential pillar for the industrial and commercial sectors, HKPC is committed to helping enterprises leverage technology in alignment with sustainable development principles. By promoting smart production lines, HKPC aims to elevate businesses and collectively drive the new industrialization process in Hong Kong.
Details on the Hong Kong Manufacturing Industries Development Study Report: https://www.hkpc.org/en/about-us/hkpc-publication/industry-support
Karen Fung, Chief Marketing Officer and General Manager, InnoPreneur (SME & Startup Growth) and FutureSkills, HKPC