Business / Economy

Innovation will draw more firms

By Sun Li (China Daily) Updated: 2014-09-09 07:02

HK good destination for global IP trading

Hong Kong, which is already a thriving international financial center and commercial hub, is also well positioned to be Asia's intellectual property trading center, according to Raymond Yip, assistant executive director of Hong Kong Trade Development Council.

Yip said the city is ideal as an international platform for IP trading, thanks to its well-established legal system and financial resources, robust IP protection, and its pool of IP specialists that provide comprehensive services to IP related industries.

He made the remarks while attending the 18th China International Fair for Investment and Trade, which runs until Thursday in Xiamen, Fujian province.

Innovation will draw more firms 
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Innovation will draw more firms
"Hong Kong is a city of innovation. Its universities and technology companies have made great achievements in scientific research in recent years," Yip said, adding Hong Kong's creative industries, such as the movie and publishing sectors, are an important part of the global IP landscape.

According to the 2014 Global Innovation Index published by the World Intellectual Property Organization, the Hong Kong Special Administrative Region ranks 10th among the 141 locations listed.

Hong Kong has also long been a service and market platform for various types of intellectual property, Yip said. Copyrights, trademarks, registered designs and patents, which are all legal intangible assets, are transacted in the city on a daily basis, he said.

To promote Hong Kong as the region's IP trading hub, the Hong Kong Trade Development Council has been staging a range of events, such as the Business of IP Asia Forum, the Hong Kong International Film and TV Market and Hong Kong International Licensing Show.

To promote international IP trade and connect global IP players, it launched the free online platform Asia IP Exchange, known as AsiaIPEX, at the 2013 Business of IP Asia Forum.

AsiaIPEX showcases intellectual properties around the world, and has formed alliances with more than 23 strategic partners from the globe. The newest partnership agreement with WIPO Green, the World Intellectual Property Organization's interactive marketplace for promoting innovation and the spread of green technologies, gives access to environmental technology IP assets in a wide range of sectors, including new energy, agriculture and forestry.

At present, the online platform has about 7,500 registered members from more than 116 countries.

According to Yip, the 2014 Business of IP Asia Forum, which will be held in December, will invite heavyweight speakers such as Francis Gurry, Director General of the World Intellectual Property Organization and Antony Taubman, Director of Intellectual Property Division of World Trade Organization to share their insights into IP trading.

The forum will also cover topics such as the valuation of IP, software copyright and IP arbitration.

"A gateway for the Chinese mainland companies to go global, the SAR is also well positioned to cooperate with the Chinese mainland to boost IP development," Yip said.

Statistics from the HKTDC show China is the world's fastest-growing market for licensed goods, a form of IP. The per capita retail sales of China's licensed products rose more than eight-fold from $0.4 in 2001 to $3.4 in 2012, which Yip said shows the great potential of the mainland's licensing industry.

Yip said intellectual property is becoming a new driver for the world's economic development. The upgrading of the Chinese mainland's industrial sector has led to significant demand for overseas IP. The development is set to continue, given the mainland's focus on technology and innovation as the new drivers of its economy.

"Against this backdrop, mainland companies are encouraged to ride on Hong Kong's comparative advantages in IP-related services, and explore more IP opportunities via Hong Kong," Yip said.

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