In an increasingly creative and knowledge-driven global environment, intellectual property (IP) plays a vital role in maintaining Hong Kong's competitive edge by providing incentives to entrepreneurs and protection to businesses and services.
'It is important that Hong Kong, through the SAR's Intellectual Property Department, provides the infrastructural support that will attract local and overseas businesses to invest in Hong Kong and give them a framework to monetise their creativity,' said Peter Cheung, acting director of the Intellectual Property Department.
'Protection of IP is closely integrated with the well-being of society. Without IP protection there could be widespread erosion of property rights that could mean irreparable damage to the most innovative and creative industries that drive our economy.'
To provide the necessary information, advice and services, the department is manned by more than 100 solicitors and paralegals. 'Simply put, we try to ensure, through public and private partnership, that creative endeavours or the 'sweat of the brow' are protected and rewarded,' Cheung said.
'We work closely with government bureaus and international agencies while interpreting existing IP laws to make sure they comply with international legal standards and, at the same time, we take into consideration Hong Kong's legal and IP infrastructure to make sure it is conducive to local stakeholders.'
Hong Kong holds a respected position in the international community for the scope and maturity of its IP implementation and structures. Cheung said Hong Kong was renowned for its intellectual property protection, which was as good as, and sometimes even better, than that found in many other developed economies. For example, Hong Kong has successfully implemented various paperless application processes, available to local and international applicants.
He said solicitors and paralegals helped to address frictions, find innovative solutions and prepared for future developments in an area that was constantly evolving. 'It is worth remembering that about 80 per cent of the value of Fortune 500 companies is attributed to intangible assets that in different ways are linked to IP,' Cheung said.