Latest news with #andEconomicDevelopment
RTHK
27-05-2025
- Business
- RTHK
Govt unveils 30 measures to promote 'silver economy'
Govt unveils 30 measures to promote 'silver economy' Officials say measures will be introduced to encourage "post-50s" to participate in training and rejoin the labour market. Photo: RTHK The government on Tuesday unveiled a total of 30 new measures to promote the "silver economy" and tap into the "favourable financial conditions and purchasing power" of the city's elderly population. Officials announced measures in five areas: boosting "silver consumption", developing the "silver industry", promoting "quality assurance of silver products", enhancing "silver financial and security arrangements" and unleashing "silver productivity". To get elderly people spending more, there'll be a "Friends & Flavours" drive involving restaurants introducing suitable meal options, while the retail sector will be urged to offer discounts to older customers. Secretary for Commerce and Economic Development Algernon Yau said he expects more than 100 restaurants to join "Friends & Flavours" campaign. Measures will also be introduced to encourage "post-50s" to participate in training and rejoin the labour market, including new placement-tied courses which will be launched in the second quarter of the year. "In 2024, the elderly spending of people aged 60 and above amounted to HK$342 billion. In 10 years' time, it is predicted to grow to HK$496 billion, so that is the kind of magnitude of silver spending," said Deputy Chief Secretary Warner Cheuk, who chairs the Working Group on Promoting Silver Economy. "If we can achieve a five percent growth a year, and if we just take the first year in illustration, that would amount to HK$17 billion, which is quite substantial." Five different government bureaus will be responsible for promoting and collaborating with various industries to launch the new measures.
RTHK
23-04-2025
- Business
- RTHK
Businesses 'are getting smart over duty-free HK'
Businesses 'are getting smart over duty-free HK' Algernon Yau said Hong Kong's no-duty policy should be attractive to businesses. Photo: RTHK Secretary for Commerce and Economic Development Algernon Yau said he thinks people in business are smart over where opportunities lie and Hong Kong's being a tariff-free economy makes it operationally convenient for them. Speaking on RTHK's Overview Policy programme on Wednesday, he said the government will step up promotions as Hong Kong seeks to enter into more free-trade agreements with other economies. Small and medium enterprises, Yau added, need to adjust their operational strategies according to the global situation, and the key to helping them lies in extending Hong Kong's business network. "The business sector is very smart," he said. "People in business are surely aware of where the opportunities are. "Hong Kong is tariff-free. But many economies, many countries, are not." Yau noted that e-commerce firms have been a major source of inspiration for the retail sector. He said smaller local companies can look for opportunities in Belt and Road countries, especially those in the Middle East and Asean. The trade chief stressed that InvestHK has done very well last year in bringing in nearly 10,000 new firms from the mainland and overseas, up around 10 percent from 2023. He said this was a testament to the commerce sector expressing confidence in Hong Kong's business environment.
Morocco World
14-03-2025
- Business
- Morocco World
Morocco Chosen as Host for UN Economic Commission for Africa Conference 2026
Rabat – Morocco will welcome the 58th session of the United Nations Economic Commission for Africa (ECA) and the Conference of African Ministers of Finance, Planning, and Economic Development in March 2026. The decision was announced on Friday during the expert session of the ongoing 57th ECA edition in Addis Ababa, which is running from March 12 to 18. Member states unanimously selected Morocco, recognizing its ability to host major continental events and its active role in Africa's economic development. The upcoming conference will explore 'harnessing data and advanced technologies to bolster Africa's economy, leaning towards a forward-looking approach to economic progress and the impact of technology in shaping Africa's future. By hosting this gathering, Morocco demonstrates its commitment to economic cooperation across the continent. With extensive experience in organizing large-scale forums, the country looks to provide a platform for policymakers and experts to chart strategies for sustained growth and prosperity for all. Earlier this week, Morocco was also elected to chair the current 57th session — showing a vote of confidence in the country as a leader in economic governance and dedication to advancing African economies on a global scale. Morocco has steadily become one of the prominent players in the economic map of Africa, driving growth through infrastructural development, investment, and innovative technologies. With a focus on industrialization, green energy, and digitalization, the country has forged both global and continental partnerships for economic growth. Morocco is leading the way in port construction, developing transport corridors, and establishing a thriving business environment, which reflects a vision beyond borders. Tags: africa economyMorocco ECAMorocco economyUN ECA
Morocco World
12-03-2025
- Business
- Morocco World
Morocco Elected to Lead UN Economic Commission for Africa
Rabat – Morocco has been unanimously elected to preside over the 57th session of the UN Economic Commission for Africa (ECA) and the Conference of African Ministers of Finance, Planning, and Economic Development. The election took place on Wednesday at the headquarters of the ECA in Addis Ababa. This appointment reflects African countries' confidence in Morocco's ability to contribute to shaping a more integrated and prosperous economic landscape. Morocco has been an influential player in regional economic integration in recent years, with the kingdom being a prime policy mover towards inclusive development and growth. The 57th session centers on leading the implementation of the African Continental Free Trade Area (AfCFTA) agreement, a flagship initiative designed to boost intra-African trade and economic integration. The discussions touch beyond trade to include strategic recommendations on digitization, technological innovation, food security, and energy transition, sectors that play a more vital role in Africa's economic future. The session began with a Committee of Experts meeting from March 12 to 14, setting the stage for high-level deliberations. These discussions are to be followed by parallel events on March 15 and 16, bringing together policymakers, economists, and development specialists to explore innovative strategies for economic resilience. The ministerial segment is scheduled for March 17 and 18, and it will convene African finance and development ministers to outline priorities and concrete actions to support the continent's economic agenda. Morocco's election to this leadership role demonstrates its place in African economic decision-making and its growing prominence in promoting increased regional cooperation. With African nations navigating through world economic issues, Morocco's chairing of the ECA session provides an opportunity to promote initiatives fostering economic stability and collective advancement within the continent. Tags: Africa's economyECA moroccoMorocco economy
Zawya
21-02-2025
- Business
- Zawya
Uganda: Local companies get tax waivers following Parliamentary approval
Parliament has approved tax waivers of over Shs9.5 billion for selected local investors for the financial year 2024/2025. This followed the adoption of the report of the Committee on Finance, Planning, and Economic Development on approval of the waivers. The report presented by Committee Chairperson, Hon. Amos Kankunda on Thursday, 20 February 2025 highlighted the tax liabilities of various universities and private businesses that had applied for waivers. The exemptions, granted under Section 40(1) of the Tax Procedures Code Act, 2014 were based on financial hardships and the strategic importance of the entities to economic development. The Minister of State for Finance (General Duties), Hon. Henry Musasizi who moved the motion stated that all the organisations granted the waivers qualified and were ably vetted. Kankunda warned that Uganda continues to forgo significant revenue through tax exemptions citing a loss of Shs2.9 trillion in tax expenditures in the last financial year alone which represented 12.5 per cent of the total revenue collected. AUDIO Kankunda The approved tax waivers include Shs2.7 billion for J2E Investment Corporation Ltd, a construction company in unpaid Value Added Tax (VAT) arising from government delays in settling payments for construction projects, Shs931 million for M/S Nicontra Ltd, a road construction firm whose tax arrears were affected by Uganda Revenue Authority (URA)'s payment allocation rules. Nkumba University's waiver of Shs4.4 billion was occasioned by declining student enrolment and a drop in tuition revenue, Shs783 million for Busoga University following a government decision to take over the institution, Shs239 million for Makerere Business Institute, which struggled with tax compliance due to the COVID-19 pandemic and Shs77 million for Kisiizi Hospital Power Ltd to support its role in supplying affordable electricity to rural communities. However, during debate, Hon. Asuman Basalirwa (JEEMA, Bugiri Municipality, Bugiri) questioned how investors that benefited from the exemption were selected. 'How does a peasant from deep in Kabale get to know about these opportunities? Did the Committee chairperson interrogate these issues of information and transparency?' he questioned. Speaker Anita Among however, guided that it is Members of Parliament who must tell their people about the benefits and opportunities that they are entitled too. AUDIO Nsereko Kampala Central Member of Parliament, Hon. Muhammad Nsereko proposed that there is need to consider small and medium business personnel including removing penalties which are hurting the economy. Kankunda revealed that whoever is struggling and wishes to have a waiver, can apply through Uganda Revenue Authority. Distributed by APO Group on behalf of Parliament of the Republic of Uganda.
