Government steps up efforts to promote HK as premier IP trading hub
The Government is exploring specific policy and support measures to drive the development of Hong Kong as a premier intellectual property (IP) trading hub in the region, said the Secretary for Commerce and Economic Development, Mr Gregory So, after chairing the fourth meeting of the Working Group on IP Trading today (April 4).
"Today, we discussed the Government's latest IP commercialisation initiatives to support IP creation and exploitation.
"We are seeking to help businesses from start-ups through to small and medium-sized enterprises to larger companies in downstream research and development (R&D) efforts. Besides, IP trading activities in various forms will facilitate acquisition of upstream technologies for product development and help reap the rewards of R&D investments, bringing out the financial and strategic value of IP," Mr So said.
The Vice-Chairman of the Working Group, Mr Andrew Liao, said, "The presence of high-quality IP intermediary services would be essential to provide a clustering effect for the development of an IP trading hub through lowering the risks involved, as well as maximising the benefits and potentials of IP transactions. It is therefore important to look into the provision and development of those specialised IP intermediary services in Hong Kong."
Mr So also pointed out the challenges posed by a general lack of awareness of IP as an asset class among many financial institutions, intermediaries and even enterprises themselves.
He said, "IP valuation as a means to quantify the economic worth of such intangibles is an essential building block to enhance the understanding of the unique nature of IP, and facilitate the development of other IP intermediary services in trading activities. The Working Group will continue to support setting up IP valuation standards for Hong Kong."
He added that more would be done to educate the business community about commercialisation and trading of IP.
The Working Group will continue to explore specific policies and other support measures this year to promote Hong Kong as a regional IP trading hub.
Friday, April 4, 2014
Issued at HKT 18:15