Major business groups on Wednesday welcomed Financial Secretary Paul Chan’s latest budget, praising measures aimed at promoting technological advancement and supporting local enterprises.

The Hong Kong General Chamber of Commerce said it was pleased with steps taken to assist small and medium-sized enterprises (SMEs).

It highlighted the injection of HK$200 million into the Dedicated Fund on Branding, Upgrading and Domestic Sales as a key move that would bolster the competitiveness of SMEs in branding and expansion.

Echoing these sentiments, the Chinese General Chamber of Commerce lauded the enhanced support for the sector.

The group said extending the application period for the SME Financing Guarantee Scheme, along with increased loan commitments, would provide a vital safety net for businesses navigating a "challenging environment".

The Federation of Hong Kong Industries also voiced support for the government's initiatives, saying that they would help ease funding pressure on SMEs.

The three groups also expressed support for the government's technology push, which includes a HK$20 billion investment to accelerate development at two major tech hubs within the Northern Metropolis – the Hetao Hong Kong Park and the San Tin Technopole.

The groups also noted that the HK$10 billion designated as seed funding for a dedicated company to manage the San Tin project would help leverage market resources and speed up development.

And they welcomed the allocation of HK$50 million to boost artificial intelligence training for the public and provide targeted support for enterprises.


Edited by Aaron Tam