Speeches

Speech by the Director-General of Trade and Industry, Ms Maggie Wong, at the 55th APEC SME Working Group Meeting (English only)
Thursday, May 4, 2023

Following is the speech by the Director-General of Trade and Industry, Ms Maggie Wong, at the 55th Asia-Pacific Economic Cooperation (APEC) Small and Medium Enterprises Working Group (SMEWG) Meeting on May 4:

Mr Chair Aaron (Mr Aaron Sydor, APEC SMEWG Chair), distinguished delegates, ladies and gentlemen,

Good morning.

On behalf of Hong Kong, China, I wish to extend a warm welcome to all of you. Whether you have travelled afar to join this 55th APEC Small and Medium Enterprises Working Group meeting in person, or are taking part virtually, we are truly grateful for your presence.

Hong Kong, China is honoured to host the 55th Working Group meeting once again, following our last hosting of the 30th Working Group meeting back in 2010. It is especially significant as we have overcome the challenges posed by the pandemic, and witnessed the resumption of normal travel around the world.

Small and medium enterprises (SMEs) are the backbone of our economies. They account for more than 97 per cent of all businesses and employ over half of the workforce across APEC economies. With their share of GDP ranging from 40 to 60 per cent in most economies, the vitality and business performance of SMEs are of paramount importance.

The SME Working Group is the main forum where APEC economies exchange information, views, best practices and analysis concerning SMEs in the region for the inclusive development of sustainable, resilient and innovative SMEs. The Working Group has effectively engaged member economies to address critical and emerging issues pertaining to the growth of SMEs by sharing experiences and implementing projects over the years.

Against the backdrop of the difficult global economic situation and the pandemic in the past years, it is encouraging to see that fellow members are calling for collective efforts towards an inclusive, speedy and sustainable recovery of SMEs.

Insofar as Hong Kong, China is concerned, we are pleased to note from the findings of the Asia-Pacific Small Business Survey conducted by CPA Australia earlier this year, which gathered responses from over 4,200 small businesses in 11 Asia-Pacific markets, including Hong Kong, China, which said that our local small businesses have bounced back to growth levels comparable to those in 2018. More than half of them witnessed growth in 2022. What is even more encouraging is that 66 per cent of them are anticipating further growth in their businesses this year. The recruitment outlook is also bright, with 58 per cent of these businesses planning to add to their headcount. Additionally, an impressive 74 per cent of these businesses expect to have increased sales in overseas markets.

These findings really underscore the resilience and determination of our business community, SMEs in particular, to thrive and grow despite all these challenges. And against such positive outlook, our government and likewise, I believe governments of other economies, will certainly continue to enhance our support for SMEs to stay competitive and to explore the global markets.

We have confidence that the Asia-Pacific region will continue to be an abundant and diverse source of economic opportunities, acting as a catalyst to drive sustainable growth for SMEs in the region. With APEC economies' unwavering commitment to supporting SMEs, I have no doubt that the Asia-Pacific region as a whole will remain a vibrant and thriving hub for SMEs' growth and prosperity.

The very full agenda of the 55th Working Group meeting covers progress updates of respective member economies which include such topics as ESG, business strategy, workplace safety, digital transformation, etc, and there will of course be sharing of best practices related to the priority areas of the SME Working Group Strategic Plan. Under the able leadership of our Chair and the hard work of the APEC Secretariat, we look forward to the collaborative efforts of fellow delegates in making this Working Group Meeting a success, which will pave the way for a fruitful discussion at the 29th SME Ministerial Meeting to be held in the United States in August.

As the host of this SME Working Group Meeting, we are delighted to have our representatives from a few local agencies to share their experiences and expertise. They include the Invest Hong Kong, the Independent Commission Against Corruption and the Hong Kong Trade Development Council, and we are also eager to learn from the experiences and best practices of other economies in this Meeting.

With a view to making your stay in Hong Kong, China more rewarding, we have arranged some side programmes, and I hope those who paid a visit to the Hong Kong Productivity Council yesterday found it useful to understand how we support our SMEs in technology adoption and productivity enhancement. After the conclusion of tomorrow's meeting, you are welcome to join a visit to the Hong Kong Palace Museum located in our West Kowloon Cultural District which is our iconic cultural infrastructure, and I hope that you will enjoy the opportunity to explore the cultural treasures that Hong Kong, China and the museum offer.

Finally, I wish you all a very productive and fruitful discussion in this Meeting. Even though the pandemic is over, the global economy, including of course the APEC economies, is still facing heavy economic headwinds. On the other hand, with the resumption of normal travel, business meetings, conventions and exhibitions, tourism, and cultural exchange have indeed been revived, so SMEs should seize those opportunities in the post-pandemic era. It is imperative that we come together and make concerted efforts to support the SMEs, and to ensure that they continue to play an important role in driving sustainable growth and prosperity in the region, thereby contributing to the implementation of the APEC Putrajaya Vision 2040 of an open, dynamic, resilient and peaceful Asia-Pacific community by 2040 for the prosperity of all our people and future generations.

With these remarks, I wish you all a successful meeting and a pleasant stay in Hong Kong, and I will see you again at the Welcome Dinner at Neptune's Restaurant this evening, which is located inside the Grand Aquarium in Ocean Park, which is another famous conservation and tourist spot in Hong Kong, so thank you and see you tonight.

Ends