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Following is the speech by the Secretary for Commerce, Industry and Technology, Mr Henry Tang, at the opening ceremony of the Business of Design Week this (September 14) morning:
Victor, distinguished guests, ladies and gentlemen,
It is my great pleasure to officiate at the Opening Ceremony of the Business of Design Week this morning. I am delighted that this event has brought together such a large assembly of talents from the design profession here today. In particular, I would like to extend my warmest welcome to those who have travelled from other parts of the world to participate in this event and share their insight and experience with us.
The Business of Design Week is Hong Kong's first ever multi-disciplinary international conference on design. This spectacular four-day event comprises seminars, exhibitions, design award presentations, fashion shows and workshops. The event provides an excellent platform for the convergence of Business and Design. Indeed, combining business acumen and design capability is a critical and strategic formula which we should adopt in order to meet the challenges and excel in the competitive and tough market conditions in today's global village. Innovative ways to add value and create business are called for.
Design is indigenous to innovation. Design is a 'talent' business by which ideas and innovations are transformed into successful products and services. Research by London Business School economist Andrew Sentance has revealed that an extra 1% of turnover spent on design and product development will increase a company's profit and turnover by 3-4% over five years. Design is an investment, not an added cost in business activities. It is an effective strategic tool which we should seize and utilise in the business process in order to increase our competitiveness.
Hong Kong designers have established themselves over the years with their professionalism, creativity and cosmopolitan outlook. They have been contributing to our economy by adding great value to our products and services. As our designers make inroads into new markets, design services have also become increasingly export-oriented. At the moment, design is still a relatively new discipline in the Mainland. Nevertheless, demand is expected to take off rapidly in the midst of market liberalisation and mounting competition as China joins the WTO. With the unique attributes of Hong Kong designers being able to integrate western style with Chinese culture in their design, and their profound knowledge of the Mainland market, the potential of the Hong Kong design industry is tremendous.
Design and product development skills should be continuously enhanced by giving our professionals wider exposure to new markets and customers, innovative ideas, and alternative ways of doing things in other parts of the world. Business of Design Week provides an excellent opportunity for design professionals, entreprenuers and the business community to address the role of design in the cultural and economic contexts, and to share insights into the way forward. This is a worthwhile event which the Hong Kong Special Administrative Region Government supports, not only by active participation, but also through funding support from our Innovation and Technology Fund.
I congratulate the Hong Kong Design Centre for organising this milestone event, which is particularly meaningful as it marks the grand opening of the Hong Kong Design Centre which took place yesterday. I wish the event every success and all the participants a most rewarding experience.
Thank you.
End/Saturday, September 14, 2002
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