Hong Kong Innovation and Technology Bureau: Continuously optimizing support strategies to assist enterprises in enhancing competitiveness and addressing transformation challenges.

On August 31, during a speech at the APEC Seminar on SMEs Capacity Building and Resilience Development, the Permanent Secretary for Innovation, Technology and Industry, Mr. Tsai Kit-ming, stated that by March 2026, Hong Kong will have approximately 360,000 small and medium-sized enterprises (SMEs), accounting for over 98% of all businesses in Hong Kong and providing job opportunities for 1.2 million people. SMEs play a crucial role in Hong Kong's economic system, and their pace of upgrading and transformation has a key impact on the overall economic momentum. To this end, the Hong Kong government continues to optimize its support strategies, simultaneously promoting funding support, technology application, capacity building, and market expansion to assist enterprises in enhancing their competitiveness and addressing transformation challenges. At the same time, relevant measures are also aimed at promoting better alignment with national development strategies. Mr. Tsai introduced that Hong Kong's innovation and technology layout focuses on "three major innovation and technology parks and five major R&D institutions." In terms of enterprise cultivation, each innovation and technology park continues to play an important role by providing comprehensive support for start-ups, including funding, technical guidance, investor matching, and market expansion. The Science Park Corporation assists start-ups in transitioning from concept to market through various programs, while the Hong Kong-Shenzhen Innovation and Technology Park has also launched nurturing plans focusing on key areas such as life and health technology and artificial intelligence, further promoting the development of the innovation and technology ecosystem. Additionally, Cyberport has implemented multiple entrepreneurial support programs to help start-ups reduce R&D costs and accelerate product deployment, and it launched an innovative entrepreneurship base specifically for One Person Companies (OPC) in July this year. Moreover, the Hong Kong government has introduced a pilot program for an innovation and technology accelerator in January 2026, to attract more experienced professional start-up service institutions from both local and overseas to establish accelerator bases in Hong Kong, providing more comprehensive and tailored support for the development and needs of start-ups through their business networks and expertise. In promoting the upgrading and transformation of manufacturing, the Hong Kong government supports enterprises in establishing smart production lines in Hong Kong through an optimized New Industrialization Funding Scheme in a matching format, promoting high value-added and smart manufacturing. As of June 2026, the scheme has supported 79 applications, involving over 130 production lines and approximately HKD 1.7 billion in investments, covering multiple industries. Additionally, the "Manufacturing and Production Line Upgrade Support Pilot Scheme" provides funding to local manufacturing enterprises, encouraging the upgrading of existing production lines and the introduction of smart technologies to enhance overall productivity and competitiveness. Hong Kong also launched a New Industrial Elite Enterprise Incubation Program in June this year, aligned with the direction of new industrialization in Hong Kong, to select and focus on nurturing a batch of high-growth enterprises that contribute to Hong Kong's economic development, fostering future leading companies in the new industrial sector. Regarding supporting enterprises to expand their markets, the Hong Kong government continues to assist enterprises in developing their brands, upgrading and transforming, and expanding into mainland and overseas markets through various funding programs. To encourage enterprises to utilize technology to enhance competitiveness, the relevant funding scope has included applications for artificial intelligence. Hong Kong also provides comprehensive support services through multiple service centers, offering one-stop assistance to strengthen enterprises' capabilities in digital transformation, e-commerce, and market expansion, helping them seize global market opportunities. On the other hand, relevant organizations have been actively assisting enterprises in promoting artificial intelligence and digital transformation, including helping businesses find suitable AI and digital transformation solutions and matching them with reputable service providers, thereby enhancing operational efficiency and creating new business opportunities. Mr. Tsai pointed out that Hong Kong has always built international cooperation bridges based on its unique advantages of being backed by the motherland and connected to the world. The Hong Kong Special Administrative Region Government will seize the opportunities brought about by national development, deepen collaborative development with regional partners, and expand Hong Kong's international connections to fully leverage its unique advantages, contributing Hong Kong's strength to the resilience development of SMEs in the Asia-Pacific region.