Hong Kong experienced unprecedented changes since 2019. Social unrest in 2019, National Security law and the change in trade status in 2020, and also global COVID-19 pandemic, all make fundamental changes to Hong Kong business environment. As BizMagnet government funding consultant expected, the HKSAR Government cannot reduce support to business due to political and economic factors. In addition, it has to strengthen the business subsidy. In 2021, the BUD Fund increases from HK$4m to HK$6m and extends to IPPA markets such as Japan and Korea. Let BizMagnet review with you the BUD Fund for a better 2022.
Hot BUD markets after Japan and Korea
The BUD Fund supported only Mainland China at the very beginning (Mainland Programme, 2012). Then extended to Southeast Asia (ASEAN Programme, 2018) and Free Trade Agreement regions (FTA Programme, 2020). The BUD Fund extended to IPPA economies in July 2021, and the FTA Programme upgraded as “FTA and IPPA Programme”. The first round of enhancement includes Japan and Korea. From open source, the Programme will extend to most IPPA economies such as Canada, Mexico, the UK and other European countries (Austria, Belgium–Luxembourg Economic Union, Denmark, Finland, France, Germany, Italy, Holland and Sweden). In other words, with the BUD Fund, Hong Kong companies can benefit in China (the second largest economy), fast-growing ASEAN, well-developed Europe and the UK.
As we know, the Innovation Technology Commission (ITC) has authorized the HK Productivity Council (HKPC) as the TVP secretariat. Starting from the early D-Biz, the HKPC takes certain role for approval and quality control. Government fund fraud often happened since the epidemic, and BizMagnet consultants have already advised that the government funding would be all about “anti-fraud” and more prosecution and conviction of false statement took places.