Edward Yau: Country's various plans have brought unlimited opportunities for enterprises in HK

Secretary for Commerce & Economic Development Edward Yau on Monday (Oct. 11) briefed members-elect of the Election Committee Textiles & Garment Subsector on the commerce and trade initiatives in the 2021 Policy Address.

Noting that the nation is the major growth engine and driving force for the global economy, Yau said the country's various plans have brought unlimited opportunities for enterprises and professional services providers in Hong Kong.

He urged them to seize the opportunities and leverage the advantages of these plans which include the 14th Five-Year Plan, the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, the Plan for Comprehensive Deepening Reform & Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone and the Belt & Road Initiative.

Yau added that the Government would seek more liberalisation measures for Hong Kong enterprises under the framework of the Mainland & Hong Kong Closer Economic Partnership Arrangement as well as work with Mainland organisations to attract foreign investment and promote multilateral co-operation along the Belt & Road to explore overseas markets under the national strategy of dual circulation.

The commerce chief also highlighted the support measures for small and medium-sized exporters and the convention and exhibition industry in the Policy Address.

He noted that despite adversity, the total value of Hong Kong's merchandise trade rose to the sixth place in the world last year and hit a record high in the first eight months of this year.

Against this background, the Hong Kong Export Credit Insurance Corporation will roll out a number of measures to strengthen support for small and medium-sized exporters, including launching the Export Credit Guarantee Scheme on a pilot basis early next year, offering a more flexible indemnity ratio to enhance insurance coverage and expediting credit limit approval.

The validity period of the Convention & Exhibition Industry Subsidy Scheme has been extended for six months to the end of 2022, while funds have been allocated under the scheme to provide one-off immediate relief to eligible private exhibition organisers to enhance confidence in staging events in Hong Kong and injecting impetus into the trade.