Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund)
To help Hong Kong enterprises capture the opportunities arising from the National 12th Five-Year Plan, the Hong Kong Special Administrative Region Government set up a “Dedicated Fund on Branding, Upgrading and Domestics Sales” (“the BUD Fund“) in June 2012 to assist enterprises in exploring and developing the Mainland market through developing brands, upgrading and restructuring their operations and promoting domestic sales in the Mainland.
The Government extended the geographical coverage of the BUD Fund in August 2018 to also include the Association of Southeast Asian Nation (“ASEAN”) markets. A further expansion of the geographical coverage was implemented in January 2020 to cover other economies with which Hong Kong had signed Free Trade Agreements (“FTAs”) to assist enterprises in taking the economic opportunities.
The Government launched enhancement measures by phases in July 2021, including extending the geographical coverage of the Fund to include all economies with which Hong Kong has signed Investment Promotion and Protection Agreements (“IPPAs“).
To strengthen the support to enterprises in enhancing their competitiveness and developing diversified markets, the cumulative funding ceiling per enterprise under the BUD Fund has been increased to HK$7,000,000 and the maximum number of approved projects per enterprise has been increased to 70 in November 2022.
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