Hong Kong Commissioner for Innovation and Technology Janet Wong speaks at the Hong Kong Biotechnology Organization’s inauguration ceremony on June 3.

As the world becomes more competitive amid globalization, Hong Kong must broaden its economic base by actively developing more high-value-added industries, said Hong Kong Commissioner for Innovation and Technology Janet Wong.

Speaking at the June 3 inauguration of the Hong Kong Biotechnology Organization, Miss Wong said the Hong Kong government has identified innovation and technology as one of the six areas with good potential and biotechnology as an upcoming high-value-added industry with tremendous potential.

She noted that biotechnology has gained much ground over the past decade, with advances such as the completion of the human genome mapping project and the development of biologics and stem cells — all of which not only helped boost personalized medical treatment, but also demonstrated the tremendous potential of biotechnology in opening up business opportunities.

“While turning experimental results of biotechnology into business products may yield high returns, it would take a long span of time, huge amount of resources and, for some products, may even need to get past strict regulatory approval before they can be put onto the market,” Miss Wong said.

“As a matter of fact, we see the quiet growth of the biotechnology industry in Hong Kong over the last few years, as testified by the steadily growing number of biotechnology companies in the Science Park, including local university spin-offs and well known companies in the Asia Pacific region.”

The government recently approved funding for the development of Phase 3 of the Science Park, and work will begin next year. Biotechnology is one of the five focused technology clusters in the Science Park. The others clusters are electronics, information technology and telecommunications, precision engineering and green technology.

“Another sound proof is the founding of the Hong Kong Biotechnology Organization, which marks the continuous support and contribution of academics, entrepreneurs, investors and people in the relevant sectors who share the common goal of developing biotechnology locally,” the Commissioner added.

Miss Wong said she looks forward to closer cooperation between the Innovation and Technology Commission and the Organization to help the biotechnology sector in Hong Kong grow.