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Following is the speech by the Financial Secretary, Mr John C Tsang, at the presentation ceremony of the 2008 Hong Kong Awards for Industries at the Hong Kong Convention and Exhibition Centre this evening (January 21):
Distinguished guests, ladies and gentlemen,
Good evening.
I am delighted to join you for the presentation ceremony of the Hong Kong Awards for Industries. It is a great pleasure for us to celebrate the success of our industrialists and entrepreneurs, and this gala dinner is the perfect occasion to do just that.
Tonight's award winners are trendsetters in the seven categories, raising the bar for others to follow. I am particularly encouraged by the diversity of the entries and the strong representation from our small and medium sized enterprises.
Once again, your refreshing ideas and designs reflect Hong Kong's reputation as a place for opportunity, innovation and creativity. From what I have just seen during a brief tour of the exhibition booths, these qualities remain as strong as ever.
SMEs have long been the bedrock of Hong Kong's success and vibrancy. During these difficult economic times, it is indeed important that our small and medium sized businesses continue to thrive and prosper.
Next month, I will be delivering my Budget for the 2009-10 fiscal year. The health of our SMEs is uppermost in my mind as I prepare this Budget. I have met many SME representatives during the Budget consultations. Although our financial resources will be stretched a bit as we tackle the global financial crisis, the Government will do everything possible to make life a little easier for our SMEs during the months ahead.
Since the launch of the Hong Kong Awards for Industries in 2005, the winners have continued to show a superior ability to adapt to the ever-changing business environment. The scheme rewards creativity, versatility as well as quality. I am confident that our entrepreneurs will adapt to the current economic environment and find new inspiration during these lean economic times.
In Government, we have remained vigilant to the risks brought on by the global financial turmoil.
We have taken prompt and targeted action to stabilise the financial sector, unfreeze credit and help Hong Kong companies weather the storm. In the past few months, we have injected some $80 billion into the market to restore investor confidence. We have guaranteed all bank deposits in Hong Kong, and we have even established a Contingent Bank Capital Facility to make available additional capital to banks should they require it.
Last month, the Chief Executive announced the establishment of a $100 billion Special Loan Guarantee Scheme to assist local enterprises. We also expect to create more than 60,000 jobs this year, mostly by fast-tracking infrastructure projects that are already in the pipeline.
All this is in addition to initiatives announced last February in my first Budget to stimulate the economy and promote innovation. This includes an $18 billion grant to establish a Research Endowment Fund to support research and development activities here. We are also looking ahead to the World Expo 2010 in Shanghai. The Hong Kong Pavilion at the Expo will be an excellent opportunity to promote our achievements and our brands to a worldwide audience.
Ladies and gentlemen, we shall continue to strengthen our links with the Mainland of China through CEPA as well as the Hong Kong/Guangdong Co-operation Joint Conference. Also, last year, the first major project was announced under the "Shenzhen-Hong Kong Innovation Circle" in collaboration with DuPont. This is an important step forward in establishing Hong Kong and Shenzhen as a major joint innovation and technology hub.
Hong Kong remains a free, open and stable society. We shall continue to maintain a low tax regime and liberal immigration policies to attract even more investment and talent to our city as we move up the value chain.
Although we - together with most other economies - will face a rather difficult time in 2009, we have a solid platform for visioning, creating, branding and commercialising new ideas. The high-quality entries in this year's Hong Kong Awards for Industries show that we have what it takes.
So finally, I congratulate the award winners and thank all of you who have helped to organise and stage this year's awards.
I hope you all have a successful year ahead and a prosperous year of the ox.
Thank you very much and have a great evening.
Ends/Wednesday, January 21, 2009
Issued at HKT 20:08
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