Manufacturers in subsidy push

Henry Siu

The Chinese Manufacturers' Association of Hong Kong has urged the administration to support local companies despite the ongoing fiscal deficit.

In a proposal for the 2025-26 budget, it recommends promoting local culture in its industrial and commercial development initiatives.

Its president, Wingco Lo Kam-wing, outlined nearly 90 recommendations aimed at supporting businesses and driving economic growth.

Key proposals include enhancing funding schemes, participating actively in the national 15th five-year plan, developing the silver economy and industrial tourism and exploring opportunities in the blue carbon industry.

Lo suggested raising the subsidy amount for the Small and Medium Enterprises Export Marketing Fund to HK$150,000 per project and urged the administration to extend the principal moratorium arrangement.

Additionally, the association advocates fostering an atmosphere that values environmental, social and governance development, supporting Hong Kong-funded industries in the Greater Bay Area and promoting local brands.

Legislative Council representative Jimmy Ng Wing-ka said that promoting the city through industrial tourism could enhance the city's soft power.

"While some perceive that industries and factories have declined in Hong Kong, many large factories still operate here, including biscuit factories and the world's largest soy sauce factory," Ng said.

He proposed setting up museums at factory sites where tourists can watch the process through glass walls.

"Why can't there be a poignant love story set in an electronics factory or a thrilling murder mystery in a food factory?" Ng added, suggesting the potential for films featuring industrial themes.

When asked why the recommendations primarily focus on increasing spending, executive vice president Warren Ma Kai-yum said these suggestions require minimal resources while offering a "multiplier effect" to stimulate the economy.

"Although the administration is facing a fiscal deficit, long-term improvements to the situation will necessitate strategic economic stimulation," Ma said.