The Trade and Industry Department (TID) will roll out an enhancement to the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) on February 14.
To further support enterprises in developing more diversified markets, effective from February 14, the geographical scope of the BUD Fund will be extended with an addition of 13 economies with which Hong Kong has signed Investment Promotion and Protection Agreements (IPPAs), namely Austria, Belgo-Luxembourg Economic Union, Canada, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Sweden and the United Kingdom.
“The enhancement to be launched will extend the geographical scope of the BUD Fund from 22 economies (Note) to 35 economies to support enterprises in exploring more new markets,” a spokesman of the TID said.
The geographical scope of the BUD Fund is being extended in phases since July 2021 to cover all economies with which Hong Kong has signed Free Trade Agreements and/or IPPAs. The final phase, with the geographical scope to be further extended to Kuwait and the United Arab Emirates, will be implemented in the second quarter of 2022.
More details of the enhancements are available on the BUD Fund website (www.bud.hkpc.org/en).
For enquiries, please contact the BUD Fund Secretariat (Tel: 2788 6088).
Note: The 22 economies currently covered by the BUD Fund are the Mainland, New Zealand, the four member states of the European Free Trade Association (i.e. Iceland, Liechtenstein, Norway and Switzerland), Chile, Macao, the 10 member states of the Association of Southeast Asian Nations (comprising Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam), Georgia, Australia, Japan and Korea.