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Catalysing Growth for Hong Kong SMEs

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As society returns to normalcy, the business landscape for Small and Medium Enterprises (SMEs) in Hong Kong remains in a fragile state. Recognising the ongoing challenges faced by local businesses, the Hong Kong Productivity Council (HKPC) has announced the extension of its series of special relief measures. These measures are designed not only to bolster the recovery of SMEs but also to enhance their competitiveness and enable them to capitalise on new opportunities arising from advancements in technology.

The core of the initiative lies in the HKPC’s commitment to offering substantial concessions to SMEs. From 1 January 2024 to 31 March 2025, local SMEs will benefit from a 50% concession on the list price of the labour portion for both consultancy services and testing services. It’s worth noting that this concession excludes consultancy services falling under Government funding schemes, ensuring a strategic focus on areas where SMEs need direct support.

The Executive Director of HKPC expressed the organisation’s unwavering support for the business sector. He emphasised that these relief measures are not just a short-term solution but a sustained effort to address the evolving needs of SMEs amid economic uncertainties. The extension of these measures aims to provide consistent support and guidance, acknowledging the challenges faced by SMEs in navigating the complexities of the current business environment.

HKPC’s role as a strong supporter of the business sector is underlined by its dedication to working closely with the Hong Kong Special Administrative Region (HKSAR) Government. The collaboration is aimed at delivering diversified consultancy and support services that specifically target industry pain points. Beyond immediate relief, the broader objective is to contribute to the long-term vision of developing Hong Kong into an international innovation and technology (I&T) centre and a smart city.

One of the critical components of this vision involves a focus on research and development (R&D). HKPC’s Executive Director highlighted the importance of continuous investment in R&D to guide the transformation and commercialisation of R&D outcomes. This strategic emphasis on R&D is positioned as a catalyst for the industrial development of I&T, aligning with global trends that emphasise innovation as a cornerstone for economic growth.

The ultimate goal, as articulated by Mr. Butt, is to allow citizens to tangibly benefit from I&T, providing them with a sense of fulfilment. This forward-looking approach underscores the belief that fostering innovation and technology can play a pivotal role in building a better future for the community at large. It’s not merely about surviving the current challenges but actively shaping a future where Hong Kong thrives as a hub of innovation and technological advancement.

OpenGov Asia earlier reported that The Office for Attracting Strategic Enterprises (OASES) hosted “Meet the Partners,” in collaboration with the Innovation and Technology Commission (ITC). Representatives from more than 40 strategic enterprises spanning diverse sectors, including life and health technology, artificial intelligence, data science, financial technology, and advanced manufacturing and new-energy technology were gathered.

The ITC representatives provided an extensive overview of the various funding schemes designed to support innovation and technology (I&T) enterprises. The discussions focused on programs aimed at fostering research and development (R&D), such as the Enterprise Support Scheme, Research Talent Hub, and the Research, Academic, and Industry Sectors One-plus Scheme, a recent addition launched by the government in October. Attendees also had the chance to address specific concerns with the ITC representatives.

Both these efforts create a comprehensive landscape where SMEs not only receive financial relief through concessions but also gain insights into various funding schemes and collaborative platforms, fostering an ecosystem that propels innovation, competitiveness, and economic growth in Hong Kong.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com