MoU to boost Hong Kong cooperation with AusBiotech

AusBiotech Chief Operating Officer and co-signatory to the MOU, Mr Glenn Cross, said: “The MOU with HKBIO is designed to promote cooperation in biotechnology, especially in the areas where we share a mutual interest in economic and social development.

“The agreement will promote the exchange of views that support the formulation and application of biotechnology policy by our respective governments by facilitating interaction between officials, scientists and technologists of Hong Kong and Australia.

“We also expect that the agreement will encourage and support increased interaction between Hong Kong and Australian biotechnology companies, and enable discussions to identify projects that can attract funding to support biotechnology collaborations between Hong Kong and Australia.

“On a more practical level, increased interaction will be supported through access to visitor office facilities in Hong Kong and Melbourne to support members of HKBIO and AusBiotech,” said Mr Cross.

Members of the HKBIO were present at the signing ceremony and hosted a networking reception for the AusBiotech and Hong Kong delegations on 24 May 2012 at the Hong Kong Science Park.

Hong Kong (along with China) is developing as a pivotal partner in the Asia Pacific region, and this is especially important from an Australian perspective as a regional neighbour.

China’s commitment has placed it as an important future partner, with biotechnology one of the six key planks of economic development the central government’s five-year plan.

Private investment by Chinese and Hong Kong-based venture capitalists has burst forth in recent years, peaking at $1b in 2010 and reaching $573 million in 2011. The average Chinese VC investment in life sciences in 2011 was $ 25 million, compared to $10 million in the US.

The AusBiotech business mission to Hong Kong attracted interest from more than 50 prominent Hong Kong investors to attend the Australian showcase, which featured Allied Healthcare Group, Global Kinetics Corporation, Kahne Limited, Living Cell Technologies and Mesynthes.

Mr Cross said: “While there are already numerous examples of Sino-Australian partnership in life sciences, evidenced in part by the 50 Hong Kong fund managers currently investing in Australian public biotech companies, we expect that this investment and collaboration mission to Hong Kong will result in many more. “AusBiotech is very pleased to be working along-side HKBIO and we very much look forward to the MOU between our organisations further cementing that relationship.”