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FS speaks at Opening Ceremony of International BioCamp 2008 (English only) (with photo/video)
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Following is the speech by the Financial Secretary, Mr John C. Tsang, at the Opening Ceremony of International BioCamp 2008 at Hong Kong Science Park this morning (October 25):

Professor (Vincent) Lee, Professor (Paul) Herrling, Professor Liu (Pak-wai), Anthony (Tan), Marjorie (Yang), Nick (Brooke), Ladies and Gentlemen,

     Good morning.

     It is a great pleasure for me to join you today at the International BioCamp 2008. First of all, a very warm welcome to you all, especially those of you who have travelled long distances to be here.  

     I am delighted to see so many up-and-coming researchers and post-graduate students from Hong Kong and around the world at the Hong Kong Science Park. During the BioCamp, you will meet with the experts and learn more about the exciting dynamics of the global biotechnology industry. I would like to congratulate Novartis, the Chinese University of Hong Kong and the Hong Kong Science and Technology Parks Corporation for your work in making this event possible.

     It has been a busy period for our biotechnology sector lately. Earlier this month, the International Conference on Synthetic Biology was held for the first time in Hong Kong. As Asia's world city, we are strong believers in international collaboration and we are well versed in connecting people from around the world in a vibrant, positive and welcoming environment.

     The development of the biotechnology industry is a high priority for the Hong Kong Government as we face a unique set of challenges in the 21st Century. And Science Park is our nerve centre for innovation in the field.

     I know that you are eager to get down to work, but I would just like to highlight a few of the things that make Hong Kong an ideal location and solution for participants in the biotechnology industry to flourish.

     We have a huge market on our doorstep. As a city in China, Hong Kong's social and economic ties with the Mainland are very strong. Not only is China the world's fastest growing large economy, it also has the largest population, 1.3 billion people. Brainpower and capital make for a potent combination in developing new technologies and commercialising the results.

     New ideas and products developed in Hong Kong have a natural advantage in penetrating the vast China market. This city has decades of experience and all the right connections to grasp the business opportunities across the boundary quickly and efficiently.

     Since Hong Kong's reunification with the Mainland of China in 1997, we have maintained an open, stable and prosperous society. We encourage a free flow of ideas and information; we have the rule of law and a tried and trusted legal system. Importantly for the growth of the biotech industry, with a strong intellectual property protection regime which is effective in safeguarding ideas and innovation.

     To give our scientists the best chance of success, it is important to have strong clinical research infrastructure in place. Science Park is part of that infrastructure. We also have two excellent medical schools ¡V the Chinese University of Hong Kong and the University of Hong Kong ¡V that are rated among the top in the world in the field of clinical medicine by the ISI Essential Science Indicators.

     The Government promotes applied R&D for product commercialisation through funding schemes and a network of infrastructure support. Through the $5 billion Innovation and Technology Fund, we have been supporting projects on bioinformatics, molecular diagnostics, drug development, modernisation of traditional Chinese medicine, and biopharmaceutical manufacturing.

     In my Budget in February this year, I set aside $18 billion to set up a Research Endowment Fund, to provide enhanced and stable research funding for our universities. Part of this funding will go to supporting specific themes that are critical to Hong Kong's long-term development and strategic direction.

     Here at Science Park, you will find a dedicated Bioinformatics Centre and two biotechnology laboratory buildings to provide shared facilities for the life sciences and biotechnology companies to conduct R&D. Science Park also operates an incubation programme for biotech companies at the Biotech Small Enterprise Centre.

     Ladies and Gentlemen, I have mentioned a few of the things that contribute to our foundation for developing biotechnology in the 21st Century.  As an international business and financial centre, we aim to provide an environment that is conducive for entrepreneurs to translate research activities into exciting business opportunities.

     I wish you all an enjoyable and fruitful International BioCamp 2008. I thank Professor (Vincent) Lee and the Seminar Organising Committee for bringing this event to Hong Kong. I am confident that this year's BioCamp will help strengthen co-operation between local and overseas researchers and scientists so that together we can look forward to an even brighter future.

     Thank you.

Ends/Saturday, October 25, 2008
Issued at HKT 11:17

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