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Public Policy on small and medium enterprises
About 98 percent of Hong Kong enterprises comprises small and medium businesses (SMEs). The government supports SMEs by providing public policy on many of their activities. For one thing, it has created the SMEs Committee. Composed of representatives from government, support groups and SMEs, this committee is tasked to identify and tackle various issues affecting the development of SMEs.
About $HK3 billion in financing is made available yearly for services aimed at the development needs of small and medium businesses (SMEs). The Hong Kong government has teamed up with local support groups to create channels and programs through which SME's can benefit from these funds. The government also relies heavily on non-government organizations and authorized groups to make the channels function effectively and efficiently.
To address the lack of manpower training prevalent in most SMEs, the government has allotted funds for the Vocational Training Council, which provides affordable training, re-training and upgrading programs for technical and vocational courses. The government also subsidizes the New Technology Training Scheme, which offers grants to SME staff members for local or foreign training in new technologies.
Such authorized groups are responsible for developing training courses which respond to global market trends. It conducts regular consultations and surveys on the growing manpower needs of the different industries in order to determine their training levels and requirements.
The government also recognizses the need of makers to keep abreast of the latest technology in their respective industries. To address this need, it provides the Industrial Support Fund which can be availed by research institutes, professional groups, higher teaching institutions and industry associations.
The grant invites individuals or groups to submit project proposals which will contribute to Hong Kong's industrial and technological progress. Proposals chosen by leading industry figures receive the funds for project implementation and the results of the project are made available to all concerned SMEs.
The success of The Hong Kong Industrial Technology Centre Corporation was recently recognized by the government. The state-funded center basically promotes innovations in, and applications of, new technology but it also provides purposeful accommodation and services to starting technology-driven SMEs. The government plans to give additional funding for the expansion of its facilities and services.
Lastly, the government's Cooperative Applied Research and Development Scheme offers equity investment or preferential loans to fund projects with commercial potential. It will involve technology and scientific experts belonging to tertiary teaching and research institutions who will team up SMEs and registered firms to conduct. Together, they will assume applied research and development projects.
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