****************************************************
Following is the speech (English only) by the Financial Secretary, Mr Henry Tang, at the opening ceremony of the Youth Business International Global Conference 2006 this morning (October 31):
Mr Lester Huang, Dr Rosanna Wong, Madam Gu Li-ping, Mr Andrew Devenport, distinguished guests, ladies and gentlemen,
Good morning. It gives me great pleasure to join you at the Youth Business International Global Conference 2006. On behalf of the Hong Kong Special Administrative Region Government, I would like to extend a warm welcome to all of you.
The Youth Business Hong Kong was launched not that long ago, only in July last year. It has grown very fast since then. In just over a year's time, the Youth Business Hong Kong is now co-organising with the Youth Business China the biennial Youth Business International Global Conference - the first time that the Conference is held in Asia.
In Hong Kong, we are very familiar with international exchanges. International exchanges are becoming ever more important in a globalised economy because it helps us keep pace with innovation and development in other parts of the world. Innovation is indeed a key driver of future economic growth.
The HKSAR Government attaches great importance to promoting an innovative culture in our community, and particularly among our younger generation. We invest about a quarter of our public expenditure in education and continue to nurture them beyond the school framework.
One of our initiatives to foster an innovation and technology culture among the younger generation is the Hong Kong Student Science Project Competition. The Competition aims to develop the creativity of students through a better understanding and innovative application of science and technology, and to inspire their intellectual and career interest in the area. The winning teams will participate in overseas science exchange tours to broaden their horizon. We are also working closely with the Hong Kong Federation of Youth Groups in establishing the Hong Kong Youth Innovation Club to provide a sustainable and interactive platform for its members to further develop their interest and knowledge in innovation and technology.
The Government also attaches great importance in cultivating an innovation and technology culture in the community. Last year, the Government launched the first Innovation Festival to showcase Hong Kong's innovation and technology development. And we are now organising the second Innovation Festival. Through taking part in these exhibitions, invention competition and interactive workshops in the Festival, Hong Kong people will have more opportunities to explore and enjoy the fun of innovation and technology.
The lack of financial resources is often a hurdle faced by young entrepreneurs who wish to turn their innovative ideas into products or services. As their ideas may not be thoroughly tested or proven commercially viable in the early stage of their business, it is sometimes difficult for them to persuade investors to invest in their ventures or to convince banks to provide them with start-up loans.
To bridge this funding gap, the Government launched the Small Entrepreneur Research Assistance Programme in 1999 to encourage entrepreneurs with technology know-how and innovative business ideas to develop their own technology businesses. The programme provides funding of up to US$250,000 per project and has so far provided more than US$30 million to around 250 applications with some highly successful results.
While there is often abundant creativity among our young business starters, it takes time for them to grow into entrepreneurs, as management and leadership skills have to be learnt through real-world experience. And sometimes this experience is often hard and cold. We believe that direct exchanges with seasoned businessmen and professionals will help them acquire such skills more quickly and efficiently.
We are happy to note that the Government's effort in providing assistance to our young entrepreneurs is well supported by other non-government organisations like the Youth Business Hong Kong. I know that the organisation is also running a business mentoring programme for young entrepreneurs through its extensive base of established business executives and experts. We thank you for organising these efforts and we certainly thank the mentors for giving you their time and experience.
Furthermore, Youth Business Hong Kong has been providing funding support to innovative enterprises since its inception last year. So far, 27 innovative enterprises, ranging from software development to DIY fashion, have benefited from this scheme and more than 2 000 young people have attended their training seminars designed to develop their entrepreneurial skills.
Promoting innovation is a key to maintaining a dynamic business sector in our community, which will also help propel our economy to thrive and advance in new directions. I always believe young people are our most valuable asset. With the present pace of globalisation and tremendous growth of the international markets for goods and services, it is important for our young people to be aware of the mega trends of the world and keep them in the forefront of major forces of change. The Youth Business International is an excellent example of how governments, businesses and the communities can work together to foster development of young entrepreneurs.
We discussed above some essential factors for success in future businesses - innovation, technology, financial support and experience. But the most important attribute that makes people true business leaders is entrepreneurship. This is the quality that provides visions, drives change and progress, and motivates people to work together for common goals. We are saddened today by the passing-away of a great entrepreneur of our era, Mr Henry Fok, last week. Mr Fok was a pioneer in investing in the Mainland and truly a shining example of entrepreneurship. He was a great man, he was an icon and he provided a good role model for our young entrepreneurs.
Ladies and gentlemen, in the next few days, you will have ample opportunity to explore innovation and its impact, identify specific challenges, expand your YBI network, look for areas for partnership and develop your mentorship programme. I am sure this Conference will chart out ways on how we can make an impact and continue to support and nurture our next generation of entrepreneurs. And we wish them all the best and every success.
Thank you very much.
Ends/Tuesday, October 31, 2006
Issued at HKT 15:31
NNNN
Windows Media format
Real Media format