The BDC set up a special committee in March 2007 to look into the strategies for advancing Hong Kong’s brand development and come up with a series of forward-looking but practical proposals. The committee held a brainstorming session and wrapped up a report on “Hong Kong Brand Development Strategies and Action Agenda”, for the reference of the Government and related parties.
In the Report, the Committee emphasizes that Hong Kong should leverage on a full panoply of favorable factors to develop itself into an International Branding Centre, which is capable of congregating worldwide brands, nurturing original brands and adding value to brands from different places. The development of an International Branding Centre will become a new “growth pole” to drive Hong Kong future economic development.
To become an International Branding Centre, Hong Kong should further foster brand clustering, be better equipped with software and hardware conducive to brand innovation, and able to provide integrated resources and services related to branding. While crafting our own world-class brands and gearing SMEs towards branding, Hong Kong should groom its city brand and foster a brand culture with unique characteristics. And it should also strengthen its intermediary role in the branding arena and strive to become a service centre for Mainland brands.
It is suggested that Hong Kong should follow a tripartite mode of “Market leads, Government facilitates, Community supports” in formulating strategies and implementing the various initiatives. In particular, we need to start with a full range of groundwork, such as institutional arrangement, policy orientation, financial support, human reserve, the establishment of a social supporting system as well as cross-border co-operation.
The Committee also recommends 10 initiatives for future action, including: appointing a high-level coordinative organization; setting up a specialized funding scheme namely “BrandSmart”; forming an international advisory body, i.e. “Council of International Advisors on Branding”; formulating a blueprint for Hong Kong’s overall brand development; organizing official brand awards; stepping up brand recognition activities at the industrial sector level; hosting landmark promotional events like “International Brand Management Conference”, “Brand Leaders Summit”, “Hong Kong International Brand Exhibition”, etc; establishing a “Brand Development Research Institute”; promoting mutual recognition and co-operation with the Mainland; and promoting Hong Kong location brand identity.