Financial Secretary Paul Chan said in his budget speech on Wednesday that the government is committed to attracting more enterprises to set up shop in Hong Kong.

He said a slew of policy tools, including land grant arrangements, financial subsidies and tax incentives, would be put in place to promote industries and investment.

He noted the preferential tax rates would be half‑rate or five percent, and that an amendment bill would be introduced this year.

The finance chief also highlighted the importance of boosting support for mainland enterprises that are expanding into overseas markets.

"The Task Force on Supporting Mainland Enterprises in Going Global (GoGlobal Task Force) will organise promotional activities to attract mainland enterprises to venture into global markets through Hong Kong," he said.

"We will also set up a cross-sectoral professional services platform, bringing together Hong Kong's professional services providers in the field of legal services, accounting, financial services, testing and certification, marketing, to support enterprises going global."

To better support local enterprises and help them stay competitive, Chan said an additional HK$200 million would be injected into the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) to provide more targeted financial support for enterprises in AI application.

Separately, Chan said support would be given to Hong Kong's food industry to further expand into the mainland and international markets by seeking market access and simplified customs arrangements for a wider range of local food products.

"The Centre for Food Safety will waive the fees related to the certification of food products for two years. Besides, we will introduce a new unified brand for local agricultural and fisheries products in the middle of this year, supported by a certification, testing and traceability mechanism," he explained.

Another area of focus, Chan said, is to further promote Hong Kong as an international convention and exhibition hub.

He said the government would earmark HK$100 million for attracting large-scale international exhibitions with new elements to Hong Kong.

The objective is to promote Hong Kong as the ideal place for showcasing mainland and international brands, while attracting high‑spending business visitors to the city.


Edited by Tony Sabine