Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund)
The BUD Fund provides funding support for individual Hong Kong enterprises to undertake projects to develop brands, upgrade and restructure their business operations and promote sales in Mainland China and ASEAN, so as to enhance their competitiveness and to facilitate their business development. Funding will be provided on a matching basis, i.e. the Government will cover a maximum of 50% of the total approved project cost and the enterprise has to contribute no less than 50% of the total project cost in cash. During the tenure of the BUD Fund, each enterprise may obtain funding for a maximum of forty approved projects and the total cumulative funding amount is $4,000,000 under the “Mainland Programme” and the “FTA Programme”.
In the 2021-22 Budget, the Government has announced an injection of HK$1.5 billion into the BUD Fund, thereby increasing the cumulative funding ceiling per enterprise from HK$4 million to HK$6 million, and extending the geographical coverage from 20 to 37 economies to include all those with which Hong Kong has entered into Investment Promotion and Protection Agreements (IPPAs):
Phase 1 (July 2021): Japan, South Korea
Phase 2 (Q1 2022): Austria, Finland, Mexico, Belgium-Luxembourg Economic Union, France, the Netherlands, Canada, Germany, Sweden, Denmark, Italy, the United Kingdom
Phase 3 (Q2 2022): Kuwait, United Arab Emirates