HK Seeks To Enhance Role As IP Trading Hub
by Mary Swire, Lowtax.net, Hong Kong
08 April, 2014
After chairing the fourth meeting of the Working Group on Intellectual Property (IP) Trading on April 4, the Secretary for Commerce and Economic Development, Gregory So, confirmed that the Government is exploring specific policy and support measures to drive the development of Hong Kong as a premier Asian intellectual property trading hub.
"We discussed the Government's latest IP commercialization initiatives to support IP creation and exploitation," he said. "We are seeking to help businesses from start-ups through to small and medium-sized enterprises and larger companies in downstream research and development (R&D) efforts. IP trading activities in various forms will also facilitate the acquisition of upstream technologies for product development, and help reap the rewards of R&D investments, bringing out the financial and strategic value of IP."
The Vice Chairman of the Working Group, Andrew Liao, added that "the presence of high-quality IP intermediary services would be essential to provide a clustering effect for the development of an IP trading hub through lowering the risks involved, as well as maximizing the benefit and potential of IP transactions."
In addition, So pointed out that "IP valuation as a means to quantify the economic worth of such intangibles is an essential building block to enhance the understanding of the unique nature of IP, and facilitate the development of other IP intermediary services in trading activities. The Working Group will continue to support setting up IP valuation standards for Hong Kong."
While doing more to educate the business community about the commercialization and trading of IP, So stressed that the Working Group will continue to explore specific policies and other support measures this year to foster Hong Kong's development in this area.
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