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The Working Group on Intellectual Property (IP) Trading (the Working Group) is in high gear to explore specific policy and support measures to drive the development of Hong Kong as an IP trading hub in the region, said the Secretary for Commerce and Economic Development, Mr Gregory So, who is also Chairman of the Working Group.
At its fifth meeting today (July 10), the Working Group reviewed initiatives being taken or studied by selected overseas jurisdictions and international organisations in relation to IP trading.
Mr So said, "We observe a general lack of awareness and understanding of IP among financial institutions, intermediaries and enterprises themselves, which amounts to a fundamental barrier hindering the greater use of IP to raise finance.
"A similar situation is evident in the local context as a result of the immaturity of the market and inadequate appreciation of the unique nature of IP as an asset class and its potential as security for lending purposes."
The Working Group identified some broad directions going forward, namely (a) to raise general awareness of IP by all stakeholders, and promote dialogue between the business community and the financial services sector; (b) to facilitate the development of the market for IP transactions; and (c) to help businesses develop more effective IP management and commercialisation capabilities.
"These broad directions are generally in line with the focus strategies underpinning the strategic areas of the strategic framework endorsed by the Working Group last year. On this basis, we discussed proposed new measures which would not only help businesses, particularly small and medium-sized enterprises (SMEs) to raise their IP awareness, but also develop their manpower capacity for more effective IP management and commercialisation.
"Other than service and skill-based upgrading and empowerment, we also examined dedicated marketing and publicity initiatives to boost the image of Hong Kong as a premier IP trading hub, both locally and internationally," Mr So added.
The Vice-Chairman of the Working Group, Mr Andrew Liao said, "Apart from helping SMEs navigate their way through the complexity of IP for better management and commericalisation, the branding Hong Kong as an IP trading hub to attract local businesses, overseas and Mainland investors and professional intermediaries in making use of our IP marketplace is equally important."
The Working Group will continue its work in earnest to promote Hong Kong as a regional IP trading hub.
Ends/Thursday, July 10, 2014
Issued at HKT 19:40
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