In this Nov 19, 2016 photo, pedestrians walk in front of Chungking Mansions, a building complex with low-budget accommodation, shops and restaurants that cater to Hong Kong's South Asian and African minority communities, in the Tim Sha Tsui retail district. (TENGKU BAHAR / AFP)
HONG KONG – The city’s small- and medium-sized enterprises (SMEs) have been urged to use technologies to raise competitiveness and cost-effectiveness, and to explore new markets amid a challenging global trade environment.
The downside risks for the global economy are presenting challenges to Hong Kong’s business community.
Raymond Yip, Deputy Executive Director, Hong Kong Trade Development Council
The Hong Kong Trade Development Council (HKTDC) is organizing four events through early next month, targeting SMEs. They cover various phases of the supply-chain, including research and development, production, sales and business expansion.
“The downside risks for the global economy are presenting challenges to Hong Kong’s business community,” HKTDC Deputy Executive Director Raymond Yip warned.
“Emerging countries in the Asia-Pacific region are showing growing interest in developing innovation-driven, knowledge-based economies,” he said.
“These four events will help SMEs to foster the commercialization of R&D results, improve production, expand businesses through licensing, and explore new retail sales platforms.”
The events being organized are the Business of IP Asia Forum, the HKTDC SmartBiz Expo, the Asian E-tailing Summit and the HKTDC Hong Kong International Franchising Show.
Company participants can learn new technologies, such as artificial intelligence, big data and the Internet of Things during the events to sharpen their overall competitive edges.
“After collecting data by applying IoT technology, the data collected will be transformed into big data. By utilizing AI technology, these data can help enterprises solve their business operation problems and upgrade business,” IoT Hong Kong Association Chairman Wilson Chong said.
“In the retail sector, technological application offers opportunities for Hong Kong's SMEs to achieve economies of scale on one hand and, at the same time, sharpen their edges in providing personalized services and products to customers,” said Yew Hong Koh, managing director of Accenture’s Greater China Retail Industry Lead.
According to Euromonitor International, global online sales exceeded US$1.38 trillion last year, with the Chinese mainland accounting for one-third of total sales. Online sales on the mainland this year are projected to go up by 21 percent to US$541 billion.
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