Hong Kong’s Cultural and Creative Industries to Receive Financial and Other Support from the Government
Hong Kong has announced several initiatives for the development of tourism in the region. The initiatives, mentioned in the budget speech, have been aimed towards the cultural and creative industries.
Support for Local SMEs
The first initiative is the funding of approximately HK$3.4 billion for CreateSmart, a scheme launched for the development of the city’s creative industries. Around 780 projects have already been approved, which will benefit more than 30,000 SMEs.
Additionally, Hong Kong will support cultural IP creators and producers in creating more than 30 cultural IP projects in the coming five years. This program is also expected to be a stepping stone to develop more cross-sectoral collaboration between the cultural and creative sectors.
Attracting More International Investors
The Office for Attracting Strategic Enterprises (OASES) plans to attract more innovative cultural and creative enterprises into Hong Kong. More priority will be given to companies integrating technology into their work.
Similarly, after the success of the first edition of the Hong Kong Performing Arts Expo, which concluded in October last year with participation from over 1,600 arts leaders and practitioners from more than 60 countries and regions, the government announced plans to host the second edition next year. The goal is to transform the expo into a flagship event for Hong Kong’s arts and cultural industries.
Cash Injection in Tourism Through Cultural Initiatives
The government will also allocate HK$1.235 billion to the Hong Kong Tourism Board (HKTB) in the coming year. The HKTB will collaborate with international brands to promote Hong Kong’s tourism, including a three-year global strategic partnership with Art Basel to showcase Hong Kong culture at Art Basel shows worldwide.
To strengthen support for the cruise industry, resources have been earmarked to encourage cruise lines to increase their number of ship calls to Hong Kong, make overnight calls, and use Hong Kong as a homeport. Concessions will be provided to attract cruise ships to berth at the Kai Tak Cruise Terminal during the low season, enhancing Hong Kong’s appeal as a cruise destination.
Promoting Hong Kong as a Mega Events Capital
The government has also put efforts into promoting Hong Kong as a global capital for mega events to attract more tourists and enrich their experience. The Kai Tak Sports Park, featuring a 50,000-seat stadium, is set to host major international sports events. Additionally, discussions are underway with LIV Golf to explore a long-term partnership, following two consecutive years of hosting the event in Hong Kong.
Efforts will be intensified to develop visitor sources from the Middle East and the Association of Southeast Asian Nations (ASEAN). In collaboration with the HKTB, the government will implement initiatives to attract high-end visitors, including enhancing tourism-support facilities such as providing worship facilities in hotels and staff training to better understand diverse cultural backgrounds.
Leveraging Harbourfront Resources
The government is committed to enhancing the harbourfront on both sides of Victoria Harbour. The recently opened western section of the East Coast Boardwalk in North Point has been well-received by the public. Upcoming completions include the eastern section of the Boardwalk, the Hung Hom Urban Park (Phase 2), and the open space at Eastern Street North in Sai Ying Pun. Refreshment stalls will also be set up at harbourfront locations in Central, Wan Chai, North Point, and Tsim Sha Tsui to enrich visitor experiences.
Similarly, the Hong Kong government has invited the Mass Transit Railway Corporation to study the development of the waterfront and former pier sites south of Hung Hom Station into a new harbourfront landmark. The proposed development will include iconic commercial and residential spaces, retail, dining, entertainment facilities, and a yacht club to promote yacht tourism. Land use proposals are expected to be presented in the middle of this year.
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