(Yonhap Interview) China's appetite for IP to give S. Korean firms new opportunities | YONHAP NEWS

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(Yonhap Interview) China's appetite for IP to give S. Koreanfirms new opportunities

By Kim Young-gyoHONG KONG, Nov. 30 (Yonhap) -- South Korean firms should look to tap into thebusiness opportunities emerging out of China's growing appetite for intellectual property(IP), a high-ranking official here said Friday.

Raymond Yip, assistant executive director of the government-run Hong Kong TradeDevelopment Council (HKTDC), told Yonhap News in an interview that as South Korea isset to transform itself from an IP importer to an IP exporter, more South Korean IPowners should consider advancing into China.

"I believe the IP-related business is most relevant to South Korea, as it has grown intoAsia's cultural powerhouse in recent years," he said, citing Psy's YouTube sensation"Gangnam Style" and hit TV epic series "Daejanggeum."

IP refers to intangible assets, which are "creations of the mind," according to the HKTDC.It includes a wide range of intangible properties, such as copyright, trademarks,registered designs and patents.

China's robust economic development has boosted demand for IP, Yip said.

"The upgrade in mainland China's industry has led to an increase in demand fortechnology and contents," he said.

China is now the largest market for licensed merchandise in Asia after Japan,accounting for more than one-quarter of Asia's total retail sales of licensed products.

Last year, the world's No. 2 economy was the primary driver of the growth in overallsales of intellectual property in Asia.

China's licensed merchandise sales reached US$4.6 billion in 2011, growing at asignificant rate of 17 percent on-year, well above the regional average of 2 percent,according to research by U.S. firm EPM Communications Inc. The Chinese government has taken a leading role encouraging IP trading, as thedevelopment of the private sector of intellectual property intermediaries is still immature,he explained.

December 2012

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(Yonhap Interview) China's appetite for IP to give S. Korean firms new opportunities | YONHAP NEWS

http://english.yonhapnews.co.kr/business/2012/11/29/41/0501000000AEN20121129005700320F.HTML[30 Nov 12 20:48:25]

The 12th Five-Year Plan, a policy blueprint for China's development in 2011-2015,shows that China is aiming to double the total trading value of technologies nationwideto 800 billion yuan ($128.5 billion) in 2015, from 390.6 billion yuan.

A latest data provided by the Chinese Ministry of Commerce shows South Korea wasthe fourth-largest technology exporter to China in 2010, following the EU, the U.S. andJapan.

The total value of technology exported by South Korea was $2.1 billion, comparable toJapan's $4.6 billion.

Despite China being an irresistible market for overseas IP sellers due to the hugedemand for IP and related business opportunities, doing business related to IP remainsdifficult for a lot of overseas companies, largely due to China's unique businessprocedures.

Hong Kong, a special administrative region of China, has aimed to be a bridge betweenChina and the world in the IP arena, Yip said.

Since its return to China in 1997, the former British colony has been enjoying semi-autonomous status, having its own legal and financial systems independent from themainland's.

Yip said Hong Kong could help South Korean firms, especially those that have lessappetite for risk, knocking on Chinese doors.

"China is not an easy market. Going through Hong Kong, South Korea's small and mid-sized enterprises could mitigate the risk of doing business in China," he said.

An increasing number of potential IP buyers from China are coming to Hong Kong toget exposed to broad international connections, he added.

"China now has a bigger appetite for intellectual property, while Hong Kong has alreadyestablished an excellent structure of professional services," said Yip.

"These two factors combined together make Hong Kong the right marketplace for bothbuyers and sellers."

Using Hong Kong's international arbitrary mechanism, which is in line with the NewYork Convention, as a platform, buyers and sellers safeguard their intellectual property,he said.

The New York Convention, or the Convention on the Recognition and Enforcement ofForeign Arbitral Awards, which was adopted by a United Nations diplomatic conference in1958, is enforceable in 450 countries around the world, including China, Yip explained.

Meanwhile, the HKTDC is to host the second annual Business of IP Asia Forum nextFriday, reflecting Hong Kong's emergence as a regional marketplace for IP trading.

Some 700 participants from 19 countries are expected to attend the forum.

Moon Kil-choo, president of the Seoul-based Korea Institute of Science andTechnology, will be one of the panel speakers at the forum, sharing his thoughts on thesecrets behind rapid development of South Korea's intellectual property, the organizersaid.

ygkim@yna.co.kr(END)

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