Federation of Hong Kong Industries (“FHKI”) welcomes the policies laid out by Chief Executive Mrs Carrie Lam in her fourth policy address. With a view to navigating social, economic and political challenges ahead, the latest Policy Address is primed to help industries and businesses capitalise on the opportunities brought by “dual circulations”, and in the meantime, promote youth development and nurture talent of the future. FHKI believes that progressively putting the outlined policies in place will give growth momentum to the sustainable development of Hong Kong’s economy.

Fighting against the Epidemic to Boost the Pandemic-stricken Economy
The pandemic has brought a massive upheaval to global economies, including Hong Kong. In face of the intermittent epidemic waves, FHKI is pleased to see the Government’s anti-epidemic measures extending a lifeline to many businesses and industries that are severely hit by the pandemic. Accelerating the technological development of the exposure notification system and applications, as promulgated by the Government, will rise the efficiency in tracing infectious patients with COVID-19 symptoms. When the epidemic situation stabilises, FHKI aspires the mutual recognition of health codes will be established to allow resumption of travelling between Hong Kong and the Greater Bay Area in an orderly fashion, in a bid to reinvigorate Hong Kong’s dampened economy.

Harness the High Tide of Dual Circulations
With one of the major focuses on assisting Hong Kong businesses in tapping the Mainland domestic market, FHKI is pleased with the one-stop “GoGBA” platform and “Online Design Gallery” unveiled today, soon-to-be-launched by the HKTDC in partnership with the Guangdong Province and related chambers of commerce. This brand new initiative, alongside the provision of training and the operation of the “Online Design Gallery”, will enable Hong Kong enterprises to benefit from “domestic circulation” and gain access to larger-scale e-commerce platforms in the Mainland. In addition, the augmented and relaxed scope of “SME Export Marketing Fund” will cover more exhibitions and virtual fairs for businesses in Hong Kong to connect with a wider breadth of clientele, thereby opening a new door of many opportunities.

With the full support rendered by the Central Government, the HKSAR Government has also announced its continued support in helping Hong Kong enterprises set up businesses in the Mainland’s overseas Economic and Trade Co-operation Zones (ETCZs), where Thailand, Malaysia, Cambodia and Indonesia are selected as pilot bases for electronics, toys and electrical appliances industries. FHKI believes that the offshore businesses, as facilitated by the Government, will bolster Hong Kong’s role as a “facilitator” under the “dual circulations” strategy. Dr Daniel Yip, Chairman of FHKI said, “As mirrored by FHKI’s recent survey results, most of the respondents revealed their interests in establishing alternative factory sites in the Southeast Asia. The measure will give a significant boost to diversifying supply chains, and furthering the presence of Hong Kong manufacturing in the Asian market.

Nurture I&T Talents and Create Employment for the Youth
FHKI has spared no effort in encouraging the Government to place additional resources for grooming youth talent. In regard to the “One zone, two parks” strategy for the joint development of the Shenzhen-Hong Kong I&T Co-operation Zone (“SITZ”), which comprises the Shenzhen I&T Zone and the Hong Kong-Shenzhen I&T Park, enterprises and institutes with interests in embarking on businesses in the GBA can establish a presence in the SITZ before the first-batch completion of HSITP. The measure will also foster the development of the ecological chain of the I&T industry in Hong Kong and Shenzhen, offering a great deal of employment and entrepreneurial business opportunities for the youth.

On measures to appeal more I&T talents to enrich the human capital pool of Hong Kong, the proposed “Global STEM Professorship Scheme” for a period of five years at an estimated cost of HK$2 billion, will have salaries and laboratory expenditures well covered. Introducing top-notch STEM and I&T talent, is expected to significantly scale up Hong Kong’s scientific research capabilities, promote technology and knowledge transfers and expand the talent pool in the I&T ecosystem. FHKI also believes that through The Greater Bay Area Youth Employment Scheme, under which 400 positions in the I&T field are created, students could gain first-hand experience of the latest Mainland development, enrich their life-wide learning experience and engage in closer Mainland-Hong Kong exchanges. FHKI welcomes a number of internship and placement opportunities to be offered by top-tier and burgeoning companies with presence in both Hong Kong and the GBA.

Dr Yip remarked, “As the Government will continue its efforts in promoting applied learning as a valued senior secondary elective subject, and provide students with the subsidy and more diversified range of courses, FHKI is delighted as it aligns with our underlying belief in our submission that we shall strive to bridge the gap between industry and tomorrow talent. Looking forward, FHKI hopes the Government will strengthen its effort in grooming industrial talent to build a sustainable, resourceful talent pipeline.”

In response to the public consultation of the 2020 Policy Address, FHKI put forward a total of 80 solid recommendations. The Government has taken more than 20 recommendations of FHKI. “2020 has been a year overwhelmed with challenges. In every crisis there is opportunity. The Policy Address 2020 will offer industry a silver lining, especially with the official signing of the “Regional Comprehensive Economic Partnership” Agreement from ASEAN countries and other nations. As the agreement was formally signed off, Renminbi stands to play a bigger role in the international monetary system. FHKI believes that, as the global hub for offshore renminbi business, Hong Kong could be part of the RCEP alliance to underpin Mainland’s competitiveness in going global and attracting foreign investment, thereby forging substantial economic values,” concluded Dr Yip.

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