FHKI Industry Connect | Hon Ray Wong, Legislative Council Member, Industrial (First)

With the 2026-27 Budget to be announced on February 25, a return to surplus within this financial year is increasingly within reach, supported by improving public finances and steady economic momentum. The conversation is therefore moving beyond “whether” we can rebuild and towards “how” we invest wisely to meet societal needs, while navigating the opportunities and pressures of rapid technological change. Since taking office as a Legislative Council Member, one of my priorities has been to stand with the industrial sector, advocating for sharper policies, better coordination, and stronger cross-sector synergy.

My early service on the FHKI Young Executive Council reinforced a clear reality: Hong Kong’s industrial contribution and potential are still widely underestimated. The FHKI report Made by Hong Kong: Strategies for New Industrialisation, published in July 2025, highlights that industry contributed an estimated 4.4 percent to Hong Kong’s economy in 2023, while industry-related producer services accounted for 16.2 percent. Traditional manufacturing may no longer dominate as it once did, but new industries – together with upstream and downstream sectors – remain a powerful and growing engine. To sustain this momentum, government support for small and medium enterprises in upgrading and transformation is not just helpful but essential to competitiveness.

This direction aligns closely with the national 15th Five-Year Plan, which highlights the development of new quality productive forces, driving growth through innovation, advanced manufacturing, digitalization, and higher productivity anchored in quality. Against a backdrop of enterprises “going global” and a more uncertain external environment, I have put forward practical recommendations to strengthen SMEs’ resilience and reach. A key proposal is to enhance BUD Fund support by raising the funding ratio to 1:2, increasing the funding ceiling of “Easy BUD” to HK$300,000, and extending simplified application procedures to more funding schemes. With higher funding and smoother processes, paired with expanding “E-commerce Easy” to serve global markets and encouraging collaboration with leading platforms, SMEs can access new opportunities faster and at lower cost. 

Hong Kong’s role as a “super connector” and “super value-adder” remains central in the global marketplace, linking mainland and international partners, capital, standards, talent and supply chains. As FHKI advances its “Global Connect” platform and the government drives its “Go Global” initiative, we should help more SMEs internationalize with confidence, while continuing to elevate Brand Hong Kong worldwide, showcasing our strengths across innovation, management, design, production technology, and professional services.

We should also seize opportunities from the fast-expanding silver economy market. The sector is investing in high-quality gerontechnology – the combination of the study of aging and technology – and silver economy products, and a dedicated government gerontechnology subsidy scheme would accelerate the translation of research and development into real-world solutions. At the same time, robust standards and quality assurance are essential. Initiatives such as FHKI’s Hong Kong Q-Mark Silver Scheme, launched in November 2025, build consumer confidence and support healthy market development, making them well worth continued backing from both the community and the government.

“Made by Hong Kong” is the embodiment of Brand Hong Kong: a heritage that continues to evolve, and a future we can shape. The national 15th Five-Year Plan stresses “high-level technological self-reliance” and provides a clear direction for Hong Kong’s industrial development, reaffirming the urgency of accelerating upgrading. With national strategy as our compass, and industry collaboration as our force multiplier, Hong Kong’s industrial sector can deliver meaningful breakthroughs powered by technology and grounded in quality.

FHKI is a statutory body with over 2,000 members in Hong Kong from 33 industry groups set up through a legislative procedure, over 1000 members in the GBA, and over 100 members in ASEAN.