Enhancements Aim to Help Enterprises Broaden Their Geographic Reach and Develop Diversified Markets
Hong Kong will upgrade its business fund to support the business development of enterprises. The Dedicated Fund on Branding, Upgrading & Domestic Sales (BUD Fund) will undergo enhancements in three phases.
The enhancements aim to help enterprises develop diversified markets even more. To do this, the enhancements aim to utilize better investment protection. This will fall under the Investment Promotion & Protection Agreements.
This was confirmed by Hong Kong’s Trade & Industry Department. The BUD Fund will broaden its geographic reach progressively spanning 20 economics. Hong Kong signed a Free Trade Agreement that will see this happen. The agreement was done with 37 economies, and Hong Kong signed the Free Trade Agreements and/or Investment Promotion & Protection Agreements.
The first phase of the Hong Kong upgrade business fund measures will cover Korea and Japan. The cumulative funding per enterprise is now $6 million from the previous $4 million.
Funding support will also be given so enterprises can secure business opportunities that are brought by Hong Kong’s dual circulation development strategy.
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