Commercialization of Intellectual Property Benefits High-quality Economic Development - Tapping the vast potential of IP-intensive industries

Tapping the vast potential of IP-intensive industries According to data of the World Bank, the total value of the global IP trade skyrocketed from US$278 billion in 2012 to US$435 billion in 2021. [...] Amid the worldwide trend of digital revolution and technological race, the demand for the commercialization of IP is bound to soar, with the centre of activity switching to the economically thriving Asia-Pacific region. [...] In order for Hong Kong to grasp the opportunity and get ahead in the race, it should be aware of the many challenges to the process of IP commercialization and devise development strategies that leverage its own advantages in connection with relevant experience overseas. [...] Explicit development goals are spelt out in the Outline, including, by 2025, significant results 3 to be produced in the process of building a strong IP country, the added value of patent-intensive industries to account for 13% of the gross domestic product (GDP), the added value of the copyright industry to contribute to 7.5% of the GDP, and the total annual import and export value of IP royaltie. [...] 5 In the last few years, the SAR Government has focused relevant policies on the development of the original grant patent system as well as the implementation of the Application of the Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks (Madrid Protocol) in Hong Kong.