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Hong Kong is accelerating enterprise transformation and cultivating new quality productive forces to drive economic momentum and strengthen small and medium-sized enterprises across the Asia-Pacific region.
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Speaking at an APEC seminar on SME capacity building and resilience in Guangzhou on Monday, Permanent Secretary for Innovation, Technology and Industry Kevin Choi Kit-ming outlined the city's multipronged strategy to foster an innovation-driven, highly adaptable business ecosystem.
Strengthening startup incubation and entrepreneurial support
Small and medium-sized enterprises form the cornerstone of Hong Kong's economic framework, with around 360,000 SMEs representing more than 98 percent of local businesses and employing 1.2 million people.
To help these firms navigate global economic volatility, the administration is aligning local commercial development with major national initiatives, including the 15th Five-Year Plan, the Greater Bay Area development, and the Belt and Road Initiative.
The city's innovation landscape is anchored by three major technology parks and five research and development centers.
Specialized programs have been rolled out across these hubs, including cross-boundary incubation at the Hong Kong-Shenzhen Innovation and Technology Park in the Loop, focusing on life and health technology and artificial intelligence.
In addition, Cyberport launched a dedicated program in July to help one-person companies capitalize on emerging AI tools, while the Pilot I&T Accelerator Scheme introduced in January continues to attract top-tier global and local accelerator institutions to the city.
Accelerating smart production and industrial upgrades
To modernize manufacturing capabilities, the government is providing matching funds for local enterprises to set up smart production facilities.
Through the enhanced New Industrialisation Funding Scheme, authorities have supported 79 applications covering more than 130 production lines, representing a total investment of approximately HK$1.7 billion across diverse sectors.
Complementary initiatives, such as the New Industrialisation Elite Enterprises Nurturing Scheme and a pilot upgrade scheme for existing production lines, aim to assist traditional manufacturers in adopting intelligent technologies and cultivating high-growth industry leaders.
Furthermore, funding support for brand building, operational upgrades, and market expansion has been expanded to cover AI applications, reinforced by dedicated SME service centers offering comprehensive digital guidance.
Fostering cross-border collaboration and market access
Capitalizing on its role as an international bridge backed by the mainland and connected to the world, Hong Kong is actively expanding multilateral cooperation across the region.
Choi noted that the city is eager to deepen peer learning and knowledge sharing with Asia-Pacific economies in key areas, including AI integration, digital transformation, and supply chain coordination.
By leveraging national development opportunities and broadening global partnerships, Hong Kong aims to empower SMEs throughout the region to achieve long-term resilience and sustainable growth.
