Hong Kong Productivity Council receives GovMedia Conference & Awards for Easy BUD
The initiative streamlines the project measures and requirements during the funding application.
The Hong Kong Productivity Council (HKPC) has been recognised as the recipient of the Hong Kong Process Optimisation of the Year - Statutory Board category at the GovMedia Conference & Awards 2024 for its Easy BUD initiative that recognises the streamlining of the application process and facilitates timely business expansion for local enterprises.
The "Dedicated Fund on Branding, Upgrading and Domestic Sales" (the BUD Fund) was established by the Hong Kong Special Administrative Region Government to support local enterprises to capture the opportunities arising from the National 12th Five-Year Plan. With HKPC as the implementation partner, the BUD Fund provides funding support to local enterprises in developing their businesses in target markets through developing brands, upgrading and restructuring their operations and promoting sales. Over the years, the BUD Fund has launched several rounds of enhancements to better support local enterprises, including the extension of the geographic coverage to 39 economies with which Hong Kong has signed Free Trade Agreements and/or Investment Promotion and Protection Agreements.
To enable more local enterprises to make use of the funding to develop their businesses, the Easy BUD, a simplified application track under the BUD Fund, was launched in June 2023. Under Easy BUD, the application form, requirements for supporting documents, as well as vetting arrangements, have been streamlined. The initiative addresses the demand for a more expeditious application process and enables the timely expansion of local enterprises through access to funding.
The Easy BUD has significantly streamlined the application process. By covering designated project measures, simplifying documentation requirements, and streamlining the vetting arrangement, Easy BUD has reduced the procedural intricacies that businesses previously encountered in the application process. This has resulted in a marked improvement in overall efficiency, ensuring that local enterprises can now obtain necessary funding more swiftly.
To disseminate information, HKPC has organised free sessions and participated in events hosted by trade associations and government-related organisations. These outreach efforts have successfully reached over 1,500 potential customers. Within just 11 months, Easy BUD received over 1,000 applications. This enthusiastic response reflects the high demand and keen interest from local enterprises in accessing these simplified business support services as well as the relentless publicity efforts of HKPC.
All Easy BUD applications have been processed within the stipulated performance pledge of 30 working days. In reality, the average processing time is only 24.5 working days, which is well ahead of the stated target.
Easy BUD has facilitated the growth and development of local enterprises. By expediting their access to funding, the program has enabled these businesses to scale up their operations more efficiently. At the same time, Easy BUD’s success has further enhanced HKPC’s role as a key facilitator for local enterprises, offering streamlined and efficient support that ultimately drives broader economic progress and enhances the region's overall competitiveness.
The GovMedia Conference & Awards is a prestigious event that spotlights the most outstanding government projects and initiatives across Asia. These recognised programs demonstrate a meaningful commitment to enhancing the well-being of people throughout the region.
The Gov Media Awards is presented by Gov Media Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be recognised for your organisation's government projects and initiatives, please contact Jane Patiag at [email protected].
