The government has earmarked HK$52 million to set up an "Intellectual Property Academy" as part of measures to boost the city's intellectual property (IP) sector.

Financial Secretary Paul Chan on Wednesday said the two-year pilot scheme, launched by the Intellectual Property Department and the Vocational Training Council, will provide on-the-job training.

The department, he said, will also work with the mainland in business-matching programmes that pair professionals in Hong Kong with enterprises across the border.

The academy is expected to begin operations at the end of the year.

To bolster Hong Kong as a regional IP trading hub, Chan said officials are planning to introduce an amendment bill this year as they consult the trade on tax deduction arrangements for capital expenditure incurred when purchasing IP or the rights to use IP.

”Reducing cost will facilitate more relevant trading activities, which would be conducive to the development of knowledge-intensive industries and could reinforce Hong Kong's position as a regional IP trading centre," he said.

The minister said the administration has also allocated HK$28 million to help the Hong Kong Technology and Innovation Support Centre provide innovation and technology firms with patent evaluation, as well as piloting a two-year scheme to assist such enterprises with conducting valuation of their patent assets.



Edited by Thomas McAlinden