Following are the opening remarks by the Secretary for Innovation and Technology, Mr Nicholas W Yang, at the Logistics and Supply Chain MultiTech R&D Centre (LSCM) Logistics Summit 2018 today (October 5):
      
Sunny (Chairman of the Board of Directors of LSCM and Chairman of the Board of Directors of the Hong Kong Science and Technology Parks Corporation, Dr Sunny Chai), Simon (Chief Executive Officer of LSCM, Mr Simon Wong), distinguished guests, ladies and gentlemen,
      
     Good morning. It is my pleasure to join you all today at this year's LSCM Logistics Summit. I would like to thank LSCM for hosting this annual signature event. And my warm welcome to technology experts, industry leaders and academics, especially those from the Mainland and overseas. I very much look forward to learning from all of you, your insights on this very important theme - "Actions in Belt and Road Initiative with Innovation and Technology".
      
     The Belt and Road Initiative, as a national strategic focus, has gradually evolved from a vision into actions, and from a concept into a platform for collaboration. With advantages in R&D capabilities and good connection to the rest of the world, Hong Kong has also been bestowed at the national level to serve as an international innovation and technology (I&T) hub. We should take advantage of this pivotal role and our competitive edges to contribute to the development of the Belt and Road Initiative.
      
     Hong Kong's strengths lie in our world-class research capabilities, the availability of talented scientists and researchers, access to capital, our robust IP regime, a vibrant and passionate community of industrialists, and many more. More importantly, the Central Government's support is also instrumental in fostering the growth of our I&T sector. Just a couple of weeks ago, two important agreements were signed between the Innovation and Technology Bureau and the Ministry of Science and Technology. Under the new arrangements, Hong Kong and the Mainland will enhance co-operation in six areas, namely scientific research, development of platforms, nurturing of talents, transfer of knowledge and incubation of I&T industry, integration into national development strategies, and cultivation of an I&T ambience in the community. I encourage you all to make good use of this collaborative framework to pursue new opportunities in your respective sector.
      
     LSCM is already capturing such potential. By pulling together the expertise and support of the industry, academia and the public sector, it has conducted over 140 projects with about $650 million in funding support from the Innovation and Technology Fund to make technological improvement in many areas of logistics and supply chains. One of its landmark projects is the IoT-based cross-boundary single e-lock system in collaboration with the Customs and Excise Department, providing end-to-end seamless transshipment with minimal customs clearance time with no stopover. I am glad that the system has been extended from Guangdong to Hunan Province, and is now connecting 46 cargo clearance points and more than 400 transshipment routes, which has significantly enhanced cross-boundary trade efficiency for the logistics industry.
      
     More recently, LSCM is exploring a trade facilitation platform to connect the logistics industry in Hong Kong with Zhuhai Electronics Port for import and export trade declaration, which will reduce the processing time for trade declarations and provide more accurate estimation of tax rate. This is likely to benefit trade within the Greater Bay Area (GBA) and beyond.
      
     Leveraging Hong Kong's strength in legal and dispute resolution services, LSCM is also developing a cloud service platform for e-arbitration, mediation, negotiation and deal-making. This platform will no doubt facilitate the arbitration and mediation service for the GBA and the Belt and Road countries.
      
     Ladies and gentlemen, the Belt and Road Initiative will continue to advance and play a crucial role in the global economic development. I am confident that with the concerted efforts of the Government, industry, academia and R&D centres like LSCM, we can create more new opportunities in realising the vision of the Belt and Road Initiative.
      
     In closing, I would like to thank Sunny and Simon for their leadership and dedication in taking LSCM from strength to strength. I wish the Summit a great success and all of you a fruitful day. For the visitors from Mainland and overseas, I wish you all a most enjoyable and pleasant stay in Hong Kong.
      
     Thank you.
    

Ends/Friday, October 5, 2018
Issued at HKT 13:07

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