Hong Kong boosts IP regime in bid to become Asia's IP trading hub

An original grant patent system is in the pipeline to support novel IT ideas.

As innovators and disruptors bring their transformative ideas to life across several industries, the Hong Kong government is taking proactive steps to boost its intellectual property (IP) regime with plans to develop an original patent system, according to a speech by Chief Executive Carrie Lam at the seventh Business of Intellectual Property Asia Forum.

Lam added that the government is currently working on the implementation of an international trademark registration system which will streamline and slash costs from current registration processes.

Last month, the government signed an IP cooperation deal with nine offices in the pan-Pearl River Delta Region to facilitate IP exchanges with countries along the Belt & Road.

Hong Kong currently ranks ninth in terms of IP protection in the World Economic Forum’s Global Competitiveness Report thanks to its well-developed legal and financial frameworks and business friendly environment.

Lam expressed hope that development opportunities for IP trading will prosper as Hong Kong forges closer economic ties with Mainland China and its regional neighbors in its bid to become Asia's IP trading nexus.

“It should also be noted that the Belt & Road Initiative and the Guangdong-Hong Kong-Macao Bay Area development, two visionary national strategies, will offer unprecedented opportunities, IP trading included. Under both strategies, Hong Kong will serve both as a sophisticated intermediary and a hub for fund-raising and professional services of all kinds,” added Lam.