The rescheduling of trade shows and other key events due to COVID-19 has postponed several prime networking opportunities for local and regional businesses. As part of the Hong Kong SAR Government’s industry reinvigoration plan, the Legislative Council has approved a one-off HK$30 billion “Anti-epidemic Fund” – providing resources to combat the virus, as well as support for enterprises and members of the public adversely affected by the epidemic.
The novel coronavirus epidemic has brought exceptional challenges to Hong Kong. The Hong Kong Special Administrative Region Government has responded to the needs of the public and the society in an unprecedented manner. The objectives are: first, to help businesses stay afloat; second, to keep workers in employment; third, to relieve financial burdens of individuals and businesses; and fourth, to assist the economy to recover once the epidemic is contained. The Government has launched four rounds of measures to assist the affected industries and the public, for more details and most update news, you may visit the anti-epidemic fund page.
2. Government Convention and Exhibition Industry Subsidy Scheme
To further assist companies in exploring markets and capturing business opportunities through the Hong Kong trade platform, the HKSAR Government has launched a one-off subsidy scheme to support companies – local or overseas, large or small, to participate in exhibitions organised by the Hong Kong Trade Development Council (HKTDC). The scheme will last for one year. Companies will be subsidised 50 per cent of its participation fee per each booth in HKTDC’s exhibitions during the period, subject to a cap of HK10,000/ US 1,282 and HK$100,000/ US 12,820 for each fair.
Local companies which have obtained subsidy from the scheme, if eligible, can still apply for the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) or the SME Export Marketing Fund (EMF) for funding on a matching basis for the remaining exhibition-related expenses. In addition, the subsidy amount of EMF will be based on the original participation fee, each participanting company could enjoy 50% discount on their participation fee.
“It is of paramount importance that we make a commitment now,” said Financial Secretary Paul Chan and Chief Secretary Matthew Cheung. “This will help secure confidence of event organisers in Hong Kong as well as allow preparation time for our event organisers, exhibitors, buyers and other participants to return to Hong Kong on our Conference and Exhibition (C&E) events.”