The Trade and Industry Department (TID) has rolled out enhancement measures on the BUD Fund to strengthen support to Hong Kong enterprises in exploring new markets and new business opportunities.
Starting from 30 July 2021, the geographical scope under the BUD Fund has been extended to Japan and Korea, with which Hong Kong has signed Investment Promotion and Protection Agreements (IPPAs). In addition, the cumulative funding ceiling per enterprise has been increased from $4 million to $6 million.
The geographical scope of the BUD Fund will be further extended by phases to cover all economies with which Hong Kong has signed Free Trade Agreements (FTAs) and/or IPPAs. The implementation timetable is as below:
Starting from 30 July 2021, the geographical scope under the BUD Fund has been extended to Japan and Korea, with which Hong Kong has signed Investment Promotion and Protection Agreements (IPPAs). In addition, the cumulative funding ceiling per enterprise has been increased from $4 million to $6 million.
The geographical scope of the BUD Fund will be further extended by phases to cover all economies with which Hong Kong has signed Free Trade Agreements (FTAs) and/or IPPAs. The implementation timetable is as below:
The first quarter of 2022 | Extend the geographical coverage to Austria, Belgo-Luxembourg Economic Union, Canada, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Sweden and the United Kingdom |
The second quarter of 2022 | Extend the geographical coverage to Kuwait and the United Arab Emirates |
You may wish to bring the enhancements to the attention of your members. More details are available on the BUD Fund website (www.bud.hkpc.org/en).
For enquiries, please contact the BUD Fund Secretariat (Tel: 2788 6088).
Source: Industries Support Division, Trade and Industry Department