Major Speeches, Presentations and Press Releases

Government committed to supporting SMEs in Hong Kong

     The Hong Kong Special Administrative Region Government has been proactive in helping small and medium enterprises (SMEs) adapt to the new era of industrial innovation and stay ahead of the competitive curve, the Secretary for Commerce and Economic Development, Mr Gregory So, said today (September 25) at the 22nd Asia-Pacific Economic Cooperation (APEC) Small and Medium Enterprises Ministerial Meeting in Iloilo City, the Philippines.

     Under the theme "Mainstreaming SMEs in the Global Economy", Mr So spoke to ministers from APEC member economies during the afternoon session about the all-round support for sustainable and resilient SMEs in Hong Kong.

     Noting that there is a prevailing phenomenon in which consumers are increasingly expecting instant information, communications and gratification in Hong Kong, Mr So said SMEs are competing to be "now-ists" and make things happen fast.

     He said that many "now-ist" SMEs chose to set up their bases in Hong Kong because they can get the best of both worlds - the capacity and readiness to produce and the security to operate in an environment that has access to financing, is business friendly, and is very well connected to the rest of the world.

     To support the growth of this new wave of "now-ist" SMEs, there are different types of initiatives especially designed for them in Hong Kong. "We have our microfinance schemes and innovation and technology funds that provide seed funding all the way to venture-matching fund; we have initiatives that help their products reach the markets effectively, such as export marketing funds, export credit insurance and a wide spectrum of trade promotion programmes; and we also have incubation programmes and co-work spaces tailor-made for our 'now-ist' SMEs, offering affordable rental spaces as well as technical and funding support," Mr So said.

     In addition to the discussion on promoting inclusive growth through sustainable and resilient SMEs, Mr So exchanged views with ministers this morning under two other sub-themes, namely advancing modernisation and standards and conformance of SMEs, and removing barriers to SME trade including entry to markets.

     During the lunch break, Mr So held a bilateral meeting with the Deputy Minister for Research and Development for Cooperative and SME Resources, Ministry of Cooperative and SME of Indonesia, Mr Meliadi Sembiring, to foster closer ties between the two places on various fronts.

     Mr So will return to Hong Kong tonight.

Ends/Friday, September 25, 2015
Issued at HKT 17:26