Jeffrey Lam is the Chamber's Legco Representative
Send your view to jeffrey@jeffreylam.hk
With the global economic and business environment remaining volatile, the latest Policy Address includes a series of measures to support SMEs and eliminate policy barriers, providing businesses with much-needed breathing space.
Amid slow post-pandemic socioeconomic recovery, compounded by uncertainties from tariff measures imposed by the United States and shifting local consumption patterns, businesses continue to face significant difficulties.
I am pleased that the Policy Address incorporated several of my recommendations. These include extending the SME Financing Guarantee Scheme and the principal moratorium arrangement, injecting additional funds into the BUD Fund while expanding its coverage to more BRI economies, and enhancing the HKECIC’s financial support for local businesses by expanding its free buyer credit assessment service. These initiatives will offer tangible support for SMEs across all industries.
Under the current circumstances, it is vital for businesses to explore diverse opportunities and seek new revenue streams while reducing risks associated with over-reliance on a single market. Consequently, I have supported the establishment of more Economic and Trade Offices (ETOS) worldwide. The Government has announced the launch of an ETO in Kuala Lumpur this year, with plans to open branches in Latin America and Central Asia. I believe these new outposts will play a significant role in showcasing Hong Kong’s advantages in emerging markets.
As an HKGCC member, I am pleased to note that the Hong Kong Monetary Authority will collaborate with the Hong Kong Association of Banks and the Chamber, among others, to lead delegations comprising banks and SMEs to explore business opportunities in Southeast Asian markets such as Vietnam. ASEAN is Hong Kong’s second-largest trading partner and the second-largest export market for Hong Kong goods, accounting for 15. 8% of Hong Kong’s total exports last year.
As the world navigates complex and uncertain geopolitical dynamics, it is more important than ever for our city to strengthen cooperation with trusted trading partners and achieve mutual benefits. While local businesses should venture out and expand globally, it is equally crucial to attract overseas investors to our shores.
Looking ahead, the Chief Executive’s latest measures reflect the Government’s adaptability and innovative approach in driving change. The Hong Kong business community should align with these policies, participate actively, and work together to write a new chapter for our city to thrive and prosper.
Jeffrey Lam
jeffrey@jeffreylam.hk