ENG-2013 — Page 131

Commerce and Industry

Nanning Wuhan, Wuxi, Xiamen and Zhengzhou, so as to tap into the outward investment potential of Mainland companies and to highlight Hong Kong as the ideal platform for Mainland companies to go global. Invest Hong Kong completed 71 projects related to Mainland investments in Hong Kong in 2013, representing nearly 21 per cent of the total number of completed projects from all markets.

To seize the opportunities brought by the rapidly growing startup sector, in 2013 Invest Hong Kong launched 'StartmeupHK, a worldwide initiative to promote Hong Kong as a leading hub for entrepreneurship, and to encourage startups which are innovative and scalable to use Hong Kong as a launch pad to grow their businesses. Invest Hong Kong launched an integrated social media-led marketing campaign, set up a startmeup.hk website, and organised a global competition as well as roadshows targeted at startups in the United Kingdom (in June), Israel (in July) and the USA (in October).

Industrial Policy

With the global centre of economic gravity shifting to Asia, and the implementation of the National 12th Five-year Plan ushering in a new wave of development for the Mainland economy, Hong Kong has benefited significantly. Its competitive edge and the government's 'appropriately proactive' approach make Hong Kong well placed to diversify its industries to meet the needs of its people for start-up initiatives, investment, business operation and employment. The government's aim, as part of its efforts to develop an industrial policy, is to increase business volume, diversify the products and services of existing industries, and identify new areas for development.

In January, the government announced the establishment of the Economic Development Commission (EDC), led personally by the Chief Executive. The EDC is studying and considering the overall strategy and policy to broaden Hong Kong's economic base and to enhance Hong Kong's economic growth and development. The EDC's four working groups are responsible for transportation; convention and exhibition industries and tourism; manufacturing industries, innovative technology, and cultural and creative industries; and professional services.

When submitted, the government will consider and, where appropriate, implement the EDC's specific recommendations.

Small and Medium Enterprises

Small and Medium Enterprises (SMEs) refers to those manufacturing businesses in Hong Kong employing fewer than 100 people, or non-manufacturing businesses with fewer than 50. There are about 310,000 SMEs in Hong Kong, representing over 98 per cent of all local enterprises and employing close to 1.3 million people. To support SMEs, the government has set up three SME funding schemes to help SMEs secure loans from lending institutions, expand export markets and enhance overall competitiveness.

With the continued support of the government's $100 billion total loan guarantee commitment, the Hong Kong Mortgage Corporation Limited extended the application period for the special 80 per cent loan guarantee product under its SME Financing Guarantee Scheme

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