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Following is the speech by the Financial Secretary, Mr John C Tsang, at the opening of Hong Kong Science Park Biotech Centre this morning (April 23):
Nick (Mr Brooke), Distinguished Guests, Ladies and Gentlemen,
Good morning.
It is a great pleasure for me to be back here at the Hong Kong Science Park. I have been here many times, and through each one of my previous visits - including one just four weeks ago - I have seen the Science Park expand and evolve at an impressive pace. The opening of the Biotech Centre is another milestone for the Park.
Biotechnology is among the world's fastest growing industries. I am convinced it is the big thing. It is also one of the five development cluster themes at the Park.
The opening of the Biotech Centre underscores the Science Park's determination to provide this cluster with state-of-the-art infrastructure and quality support. The two new buildings in Phase 2 of the Science Park together provide about 200 000 square feet of purpose-built space for biotech companies. There are also two well-equipped biotech laboratories for common use.
Biotechnology impacts on all of our lives. From advances in drug technology to the development of alternative fuels, biotechnology helps to make our world safer, and our economic growth more sustainable. Progress in areas, such as genetic research and the use of microbes for waste disposal show how limitless the application of biotechnology could be.
The biotech industry has helped to diversify our knowledge-based economy and provide jobs. Our experts have gained international recognition for their work, including the identification of the SARS virus and other cutting edge research.
The Government recognises the importance of providing a suitable environment for emerging sectors, such as biotechnology to grow and to thrive. Building a strong cluster with the critical mass of expertise is essential.
Financing start-ups is inherently risky. Biotechnology start-ups are no exception. They require a large pool of talent and expensive equipment. Resources for research projects are another hurdle along the road to commercialising great ideas. The Science Park will introduce a Life Science Acceleration Programme, which is a commercialisation programme for bio-tech start-ups. Funding support of up to $9.3 million for each project will be provided. This will be in addition to the Government's support for the sector through the Innovation and Technology Fund. The Fund has financed over 140 life science research projects since its establishment in 1999.
Six of our universities are engaged in biotechnology research, with over 250 high-impact biomedical publications produced annually. Hong Kong's two medical schools are rated amongst the best in the world in clinical medicine1, and have been conducting clinical trials for multi-national companies. Our universities have long been a hotbed for innovation. Their close collaboration with the Science Park and its partner companies is a potent recipe for success.
As an international city, Hong Kong draws on talent both locally and from around the world. Our universities produce a number of quality graduates and researchers in life-science related disciplines. Hong Kong is also an attractive destination for talented people from the Mainland and overseas to live and to work.
In addition to our strong connections with the Mainland, we have key fundamental strengths. These include the rule of law, strong IP protection, low and simple tax regime, free flow of information and world-class infrastructure. For those companies that have already established their foothold here, our well-developed capital market and global connectivity can help them expand their horizons.
The Government will continue to work closely with the Science Park to provide a modern and vibrant platform for biotechnology to flourish.
I wish the Biotech Centre and all the partner companies of the Hong Kong Science Park every success.
Thank you.
Ends/Thursday, April 23, 2009
Issued at HKT 12:28
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