Promoting intellectual property, developing a diversified economy and exploring overseas markets

To provide more opportunities for our young people, we must keep on developing new industries and exploring new markets.

Intellectual property (IP) trading is an emerging industry as well as a key factor in developing a knowledge-based economy. In the 2013 Policy Address, I announced that a working group would be set up to study ways to develop Hong Kong into an IP trading hub in the region.

The Innovation and Technology Bureau, established in November 2015, is responsible for formulating holistic policies on innovation and technology and expediting the development of related industries in Hong Kong. As mentioned in this year's Policy Address, the Government will continue to strengthen Hong Kong's status as an IP trading hub.

According to the Director General of the World Intellectual Property Organization, at present, over 40 per cent of the world's IP trading originates from Asia. Hong Kong's systems and environment are conducive to the further development of business in IP. This will bring more opportunities to our young people.

Regarding IP trading, as of end-February 2016, the Hong Kong Trade Development Council's Asia IP Exchange had registered more than 15 000 users, formed alliances with 34 local and overseas strategic partners, and featured over 25 000 entries of tradable IP rights. A mobile version of the Asia IP Exchange was also introduced in October 2015 to enhance user experience.

Apart from developing new industries, we must also keep on exploring new markets. The Government is now preparing for the establishment of a new Hong Kong Economic and Trade Office (ETO) in Jakarta. When I visited Indonesia last September, I visited the country's President, Vice President, Minister for Foreign Affairs and Coordinating Minister for Economic Affairs to discuss further trade and business co-operation between Hong Kong and Indonesia; and to confirm the establishment of an ETO in Jakarta, which will be the Hong Kong Special Administrative Region Government's 12th overseas ETO. Indonesia makes up 40 per cent of the gross domestic product of the Association of Southeast Asian Nations, which has overtaken the European Union and the United States to become our second largest trade partner. There is huge potential for trade and business co-operation between Hong Kong and Indonesia.

There are many favourable factors to the sustainable development of the Hong Kong economy. We must proactively create more and better employment and career development opportunities for our next generation.

March 15, 2016