Gov’t allocates $100m to boost SME’s tech adoption and competitiveness

The services of SMEs will be enhanced in the next five years.

Over $100m was allotted to fund the enhancement of services of small and medium-sized enterprises (SMEs) in the next five years, Secretary for Commerce & Economic Development Algernon Yau said during a large-scale sourcing fair.

The two-day SME ReachOut: Tech+ SME Sourcing Fair 2023, organised by SME ReachOut, will help SMEs employ tech and improve competitiveness.

Yau said the services were rolled out this October “including strengthening the support to SMEs on government funding applications and providing capacity-building services for them.”

Yau also encouraged the trade to make good use of the various support measures and ride on the momentum of the post-pandemic recovery to expand their businesses.

The enhanced services launched will include “arranging more visits to trade and industrial organisations, co-working spaces and commercial and industrial buildings as well as increasing the capacity of handling enquiries and one-on-one free-of-charge consultation sessions.”