“We now stand on two legs – a financial centre and a strategic location for the intellectual property trade,” said Gregory So, Hong Kong’s secretary for commerce and economic development.
He explained his vision at the sixth Business of IP (Intellectual Properties) Asia forum in Hong Kong where business leaders from across the globe shared their thoughts and experiences on the future of IP creation, trading and collaborations.
Hong Kong is now putting more emphasis on IP strategies to attract international companies to register their IP and innovations ahead of the digital transformation in the near future when the Internet of Things (IoTs), automated solutions, industrial 4.0, artificial intelligence and augmented reality technology, which are expected to be in place by 2025.
“This will shape a new value supply chain and help reduce costs in production,” So said.
In addition to this, Hong Kong chief executive C Y Leung this year injected US$2.3 billion (Bt82 billion) into a variety of initiatives to encourage start-ups, promote mid- and downstream research, and upgrade the infrastructure of the region’s Science Park and industrial estates.
The move aims to ensure that Hong Kong remains an economic force in the 21st century.
“All that, and the world’s IP powerhouse at our doorstep,” Leung said. “The mainland of China has topped the world in the number of applications received regarding patents, trademarks and designs in recent years. China also imported more than $31 billion in technology from around the world in 2014.”
Hong Kong has revamped its IP-related regulatory framework to protect all registered IPs.
The Department of Justice said that the country offered IP professionals and intermediaries such as IP agents, accountants, valuers, financiers, lawyers, arbitrators and mediators.
Laws and regulations help IP owners in technology transfer, licensing, franchising, merchandising, copyright trading as well as dispute settlement.
During this forum, the Hong Kong Trade Development Council (HKTDC) will sign a strategic memorandum of understanding agreement with three new partners – the British Columbia Institute of Technology, the Okinawa Invention and Innovation Institute and the Taiwan Corporate Patent Executives – to enhance their information exchange and cooperation in IP.
The HKTDC will also sign another MoU with the Chongqing Intellectual Property Office for the same purpose.