2024 Budget: Building the Hong Kong Brand on all Fronts

Financial Secretary Paul Chan pledged that the Government will build the Hong Kong brand on all fronts.

In his 2024 Budget Speech on February 28, Mr Chan outlined commitments to raise the city’s standing as a premier destination for business and tourism through consolidation of its prowess in hosting mega events and thematic annual conferences, better use of its social and natural resources, and the integration of opportunities created by industry development. He also announced that the Hong Kong Tourism Board (HKTB) will launch a new tourism brand for the city.

Highlighting that the Government has set up a Mega Events Coordination Group, Mr Chan said the Government had earmarked HK$100 million (US$12.8 million) over the next three years to boost the number of mega events and their promotion, strengthen inter-departmental collaboration in support of such events, and maximize the benefits they bring both in terms of economic prosperity and enhancing the city’s image internationally.

Besides attracting visitors to the city, Hong Kong will continue to go global by visiting other regions and markets and telling good stories about Hong Kong. Mr Chan announced that under a new Sponsored Overseas Speaking Engagement Programme, renowned scholars and industry leaders will be sponsored to attend overseas events and give speeches to promote Hong Kong and its many advantages.

The Hong Kong Tourism Board (HKTB) will develop brand new seasonal, festival and other event experiences spanning Chinese and Western art forms, popular culture, wine-and-dine initiatives, sports activities, exploration of Hong Kong’s outlying areas, and more, to cater to the interests of wide-ranging visitor segments. The board will also continue to collaborate with Greater Bay Area cities to jointly promote multi‑destination tourism. The Government will allocate additional funding, totaling HK$1,095 million (US$140.4 million), to support the Tourism Commission and the HKTB in organizing mega events and other activities, and in enriching the city’s tourism resources.

Apart from putting in place a series of measures to showcase Hong Kong’s appeal to people from around the world, Mr Chan revealed that the Government will roll out key plans to draw in capital, enterprises and talent.

“The Office for Attracting Strategic Enterprises (OASES), the Innovation, Technology & Industry Bureau, Invest Hong Kong and the Hong Kong Investment Corporation Limited (HKIC) actively reach out to enterprises from the Mainland and overseas, and proactively attract and assist high value‑added technology industries and enterprises to establish a foothold in Hong Kong.”

Mr Chan said Hong Kong has already taken the first step by putting in place user‑friendly fund re-domiciliation mechanisms for Open-ended Fund Companies & Limited Partnership Funds.

Such mechanisms attract existing foreign funds to establish and operate in Hong Kong, and in the first half of 2024, the Government will submit a legislative proposal enabling companies domiciled overseas, especially enterprises with a business focus in the Asia-Pacific region, to re-domicile in Hong Kong.

Mr Chan highlighted that alongside the longstanding efforts to reinforce Hong Kong’s appeal to traditional European and American capital, the Government is striving to open up new capital sources, including those from the Middle East.

“At the end of last year, the Asia-Pacific region’s first Exchange Traded Fund (ETF), which tracks stocks in Saudi Arabia, was listed in Hong Kong, a milestone in enhanced mutual access between our two markets.

“The Hong Kong Monetary Authority is also working with a number of financial institutions on the listing of an ETF in the Middle East that tracks Hong Kong stock indices”.

Click here for full details of the 2024-25 Budget.