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Small and Medium Enterprises
100. SMEs make up over 90 per cent of local enterprises and employ 1.3 million people, or half of the number of employees in the private sector. Despite the unfavourable global economic climate over the past few years, the number of SMEs and their employees have been increasing. This underscores SMEs' role as the mainstay of our economy and employment market.
101. The development of SMEs has always been high on my agenda, and I appreciate the different challenges that they face such as surging costs and keen competition. Over the years, Government has rolled out an array of appropriate measures to support their development. Given the uncertain external economic environment, I shall continue to lend support to local SMEs in financing, market expansion, brand building and productivity enhancement through the following seven measures –
| (a) |
extending the application period for the special concessionary measures under the SME Financing Guarantee Scheme for one year to the end of February 2015. From its launch to the end of 2013, over 8 000 applications have been approved, benefiting over 5 500 enterprises with total loan guarantee of more than $27 billion; |
| (b) |
continuing the implementation of the Small Business Policy (SBP) scheme by the Hong Kong Export Credit Insurance Corporation to allow SMEs engaging in export trade more flexibility in taking out insurance cover. The SBP scheme has been well received since its launch in March last year. More than 700 applications have been approved with the value of total insured business amounting to over $1 billion. SBP policyholders will continue to enjoy waiver of the annual policy fee and up to 20 per cent premium discount; |
| (c) |
earmarking $50 million to support retailers on a matching fund basis for the use of IT and other technology solutions to increase productivity; |
| (d) |
promoting cloud computing applications among SMEs and providing training to help them adopt appropriate and affordable IT solutions; |
| (e) |
continuing with the Hong Kong Mortgage Corporation Limited's Microfinance Scheme. Up to the end of 2013, 106 applications have been approved under the scheme, with a total loan amount of over $28 million; |
| (f) |
continuing to make use of the dedicated fund and extend the network of the HKTDC Design Gallery to assist Hong Kong enterprises in developing brands, in upgrading and restructuring, as well as in exploring market opportunities in the Mainland; and |
| (g) |
continuing to identify suitable workspace for individuals and enterprises engaging in creative industries and help promote their work. The "Comix Home Base" converted from a pre-war building was open in July last year. The creative industries landmark "PMQ", a $500 million government project of revitalising the former Police Married Quarters on Hollywood Road, is coming on stream in the first half of this year. |
102. We do have a good number of industries with potential for development. I have received many proposals from various organisations as well as Members of this Council on how to promote sectors with development potential, an example being a centre for retail and wholesale fashion businesses at the district level. I am supportive of such proactive and self-initiated efforts of the industry. Government will render appropriate assistance to industries with potential for further development.
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