Looking back at 2023, it represented a new phase of Hong Kong confronting risks and opportunities. Amid the gloomy global economic outlook, the whole community stepped on the path to normalisation and is determined to create a brighter prospect for sustainable development for Hong Kong. A top priority is placed on recovering economic vitality and improving business sentiment. In addition, the Government has been reaching out to the rest of the world, especially the Middle Eastern countries, to promote the local business sectors. Throughout the process of revitalising our economy, we have further identified our strengths and limitations compared to other advancing economies. This self-awareness is essential to lay the groundwork for long-term competitiveness and success.
Despite the concerted efforts from all stakeholders, most businesses in Hong Kong still struggled for survival, especially the SMEs. Rising business costs and intense competition for resources are just some examples of the headwind they are currently facing, not counting the high costs to be placed on recruitment and staff training in light of the persistent labour shortage. Recognised as the main driver of the economy, SMEs attach great importance to the development of Hong Kong. On this ground, we see a pressing need to further support them by providing technical and financial assistance. At the same time, it is observed that Hong Kong relies heavily on particular industries, which is unhealthy for a city’s development. Our need for economic diversification is thus clearer than ever. More resources should be allocated to science, technology and innovation as they play a vital role in the new global economic structure. For this, we must endeavour to create and maintain a favourable business environment to attract related start-ups and foreign businesses.
Given the fierce global competition, Hong Kong needs to keep up with the world trend to outpace our competitors. With digitalisation as one of the mega-trends, implementing digital initiatives is essential for the business. Not only can it enhance the efficiency of the operation, but also foster innovation, not to mention it as the key to maintaining Hong Kong’s status as a premier global business hub. Organisations are strongly encouraged to provide sufficient resources and training to their staff and carry out a comprehensive plan to facilitate a seamless transition to digital integration. To empower the development of a digitalised economy, the business community should work together through exchanging experiences and insights with one another, and the Federation is always keen to act as the connecting platform for our members.
To further fulfil our founding mission, the Federation has reviewed its committee structure, establishing three new standing committees (Business Prospect and Legislative Issues Committee, People Strategies Committee and PR Strategies Committee) under the Executive Committee. Such a new structure allows an effective engagement of our members and a sharpened focus on concern issues. Looking forward, the Federation will continue in earnest to promote good employment practices as well as contribute to the betterment of Hong Kong.
Last but not least, I would like to express my gratitude to our Chairman, Mr Wilson Kwong, our Vice-Chairmen, Ms Susanna Hui and Mr Patrick Tsang, as well as members of the Council, the General Committee, and all working committee, for their unwavering support and contribution to the Federation.
Louis Pong
CEO
May 2024