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HKPC Welcomes 2021-22 Budget Measures with Pledge to Support SMEs to Create New Economy with Innovative Technologies and Promote Reindustrialisation in Hong Kong

(Hong Kong, 24 February 2021) The Hong Kong Productivity Council (HKPC) welcomes the 2021-22 Budget of the HKSAR Government which focuses on “stabilising the economy” and “relieving people's burden”, that aims to alleviate the pressure caused by the economic downturn and the epidemic and encourage different sectors of the community to grasp the new trends for future development and bring new impetus to industries for a more dynamic development. With promoting the reindustrialisation of Hong Kong as its mission, HKPC supports the development of high value-added industries and industry supply chain among local enterprises with innovative technologies. As the implementation organisation of government funding schemes, HKPC will continue to promote funding schemes to help create new economy with different industries of Hong Kong.

As the epidemic exerts detrimental impact on the global economy, many Hong Kong enterprises need to apply technologies to cope with the change in business environment and explore new opportunities. HKPC is providing holistic technical support in digital transformation and intelligent manufacturing with its Industry 4.0 (i4.0) and Enterprise 4.0 solutions.

Mr Willy Lin, Chairman of HKPC, said, “HKPC is pleased to see the HKSAR Government increasing its investment on innovation and technology (I&T) such as injecting $4.75 billion per year to the Innovation and Technology Fund (ITF) two years in a row to sustain its 17 funding schemes and the work of over 50 R&D laboratories in the next three years. As the promoter of reindustrialisation of Hong Kong, HKPC will encourage enterprises to make use of such rich support, assist them to raise productivity with technology, support more manufacturers to implement intelligent manufacturing and set up smart production lines for the development of high-end products, and promote the application of local R&D for value-added production, charting a new course for Hong Kong’s new economy together.”    

The epidemic has accelerated I&T development. HKPC, for instance, has swiftly developed the “kNOw Touch” contactless panel for lifts. This value-for-money technology only requires simple installation without the need for substantial changes to the mechanical structure. With the support of the Public Sector Trial Scheme of ITF of the Innovation and Technology Commission, this technology has already been deployed in the buildings of several public bodies as well as in private offices, shopping arcades, hospitals and residences, setting a good example of successful realisation and commercialisation of local R&D achievements.

HKPC also welcomes the HKSAR Government’s move to inject extra funds for schemes to nurture I&T talents, set up new I&T platforms, bring R&D and build the base for smart production and high-end manufacturing industries. In order to enable SMEs and industries to continue to equip themselves amid the present pandemic, the HKPC Academy offers e-learning courses including those accredited by the Reindustrialisation and Technology Training Programme and under STEM to assist the nurturing of future talents.

As the secretariat of the Distance Business Programme, Recycling Fund, Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund), HKPC will continue to promote these funding schemes for different industries to enjoy adequate support. HKPC fully supports the injection of an additional $1 billion to the Recycling Fund to make Hong Kong a green city and support the recycling industry; and $1.5 billion to the BUD Fund to substantially extend in phases its geographical coverage from 20 to 37 economies to include all those with which Hong Kong has entered into Investment Promotion and Protection Agreements, with the funding ceiling for each enterprise to be increased from $4 million to $6 million. HKPC strives to help local enterprises to keep abreast the latest technology development trend and import world class technologies to improve production process. Riding on the higher government funding support, HKPC will assist SMEs to explore opportunities in the markets of Mainland China and other regions across the world.

HKPC is committed to supporting the HKSAR Government to implement the relevant measures of the Budget and determines to assist SME by leveraging HKPC’s edge on talent, R&D and funding schemes to achieve the objective of “stabilising the economy” and “relieving people's burden”. Upholding the mission to promote reindustrialisation of Hong Kong and foster digital transformation, HKPC leads the reindustrialisation efforts through i4.0 and smart technologies for local manufacturing industries and work together with them to create the new economy and cement its “Made in Hong Kong” standing.

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