Hong Kong in Motion

Hong Kong's New Budget Sparks Confidence Amid Economic Challenges

In recent years, the world has undergone profound and dynamic transformations. This is not new information. What’s new is the Hong Kong government’s determination and proactive measures to bolster confidence and growth within the city.

Hong Kong has long been renowned for its vibrant economy and dynamic financial and cultural landscape. At least, that was before the struggles of the last few years. Now, a hot topic for conversation is our city’s economic recovery and bounce back to prosperity. ?Many sectors and the overall economy has been slow to recover, but could that all be about to change for the better?

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Hong Kong’s budget for the fiscal year 2024

Focusing on aviation, culture, tourism, mega-events, and overall investment?

The new Hong Kong budget aims to reinforce confidence and stability in the city’s economic prospects. One of the key budget focuses is on tourism including “mega-events” and activities designed to engage younger audiences while celebrating Hong Kong’s?natural landscape, history, culture and heritage.?Concerted efforts are being made by the government to address pressing concerns while laying down a resilient foundation for future growth.

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Stimulus measures to revitalise the local economy

The cornerstone of the new budget lies in its measures designed to revitalise various sectors of the economy. ?Substantial investments are promised for job creation, supporting small and medium-sized enterprises (SMEs), and bolstering innovation and technology initiatives. These measures will be crucial for rejuvenating business activities and fostering a conducive environment for sustainable economic recovery.

HKBAC - keeping Hong Kong moving forward?

Hong Kong Business Aviation Centre (HKBAC), as the city’s facility for business aviation is on the “front line” of many of the major happenings mentioned in the budget. We deliver ground services that help to “move” businesses that invest in Hong Kong and the Greater Bay Area (GBA). The better we keep these businesses moving, the more we can attract investment into the city which benefits the community as a whole - providing jobs, opportunities, and confidence in Hong Kong. As a fixed base operator (FBO) and ground handler, we handle a vast range of flights from a wide variety of passengers including sports teams, large tour groups, leisure travellers, artists and performers, business leaders, and senior government officials. We work beside, behind, and in support of local and international corporations and organisations and we’re encouraged to see what opportunities 2024-25 brings.

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“Soft-selling” Hong Kong

The government, via the Hong Kong Tourism Board (HKTB)?will promote immersive, in-depth tourism with event activations across multiple sectors including sports, music, arts, culture, and food. The government’s tourism strategy now has a heavy focus on “young-adult focused activities” including hiking, cycling, stand-up paddle-boarding, trail running and stargazing. It's all part of an energising effort to “soft-sell” Hong Kong and reach new, broader demographics. As Hong Kong’s FBO, we’re the beginning and end of many people’s experience of the city. It’s therefore, vitally important to us that we continue to invest in our team to ensure seamless customer experience.

Hong Kong’s recovery, sector by sector

So, how will the budget affect each sector and industry? There are business opportunities for the aviation and travel industry, SME’s and entrepreneurs, healthcare, innovation and technology, retail, and of course, leisure and entertainment industries. Hong Kong is ready to showcase its shiniest assets while celebrating classics such as the night markets and horse racing.

Stay tuned for the next pieces in the series of industry to join the conversation

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