Business organisations applaud 2023 budget proposals

Under the budget, the government will allocate an additional $550m in funding to HKTDC.

The Hong Kong Trade Development Council (HKTDC) and the Hong Kong Productivity Council (HKPC) welcomed measures under the 2023-24 budget.

HKTDC said the additional $550m funding to the organisation will allow them to help local  enterprises “seize opportunities arising from the Belt and Road Initiative (BRI) and Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development.”

The organisation also believes the budget promotes “high-quality economic growth that matches with national development strategies, focusing on areas, such as finance, sustainable development, innotech and biotech.”

The HKPC, for its part, said the budget, particularly the measures supporting I&T development, “are very encouraging.”

“These initiatives, including the establishment of life and health technology research institutes, an Artificial Intelligence (AI) Supercomputing Centre, a Microelectronics Research and Development Institute and the Web3 Hub; and promoting the development of GreenTech, AI and quantum technologies, will enhance Hong Kong’s strengths in R&D capabilities, and invigorate the development of the I&T industry,” the council said.

HKPC also welcomed proposals to inject more resources into the funding schemes, including further injection of $500m into the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) and the plan to launch “BUD Easy” to expedite the processing of applications.