Commissioner for Innovation & Technology Janet Wong says Hong Kong must broaden its economic base by actively developing more high-value-added industries to maintain its strength.

Speaking at the inauguration of the Hong Kong Biotechnology Organisation today, Miss Wong said biotechnology is an upcoming high-value-added industry with tremendous potential.

Biotechnology has gained much ground over the past decade, with advances such as the completion of the human genome mapping project, the development of biologics and stem cells, all of which not only helped boost personalised 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.

"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."