Secretary for Commerce and Economic Development Algernon Yau said on Friday the government was exploring the possibility of staging more large-scale and innovative exhibitions that could bring in more overnight visitors.

He was speaking two days after the administration earmarked HK$100 million in next year's budget for attracting large-scale international exhibitions that offered “new elements”.

At a press briefing on trade and commerce measures outlined in the financial blueprint, Yau said the allocation had the potential to bring about a significant boost to the economy as exhibition visitors spent an average of HK$7,000 to HK$8,000 each a day.

The focus, he added, is on exhibitions that have the potential to attract more overnight visitors.

“We need to consider the sort of things that make overnight trips compelling for more visitors, thereby boosting the tourism, catering and retail sectors,” Yau said.

"We are considering large-scale exhibitions covering areas such as major machinery, cars or yachts and small private jets.

"We haven’t finalised any plans yet as we still need to study what kind of innovative and large-scale exhibitions would be suitable to hold in Hong Kong.”

Yau also pointed out that businesses, especially small and medium sized enterprises (SMEs), are facing many challenges amid a changing global landscape.

He stressed that the administration would continue to support their digital transformation and provide targeted funding support should businesses take the leap into artificial intelligence.

“That's why in our Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD), we will have special considerations for SMEs that use AI in conducting their business,” Yau said.

An additional HK$200 million will be injected into the fund, with the ceiling for “Easy BUD” funding applications raised to HK$150,000.

Details on the expansion of the scheme will be announced in the second quarter of the year.


Edited by Aaron Tam