HONG KONG, Feb. 9 -- The proposed Innovation and Technology Bureau (ITB) will help Hong Kong diversify its economy and remain competitive, Hong Kong's chief executive Leung Chun- ying said here on Monday.

Addressing the Joint Business Community Luncheon held by the Hong Kong General Chamber of Commerce, Leung said, although facing short term and long term challenges, Hong Kong's economy by and large has been doing well, and a robust economy is the prerequisite for improving the people's livelihood.

Leung said this year's Policy Address has emphasized the need to diversify Hong Kong's economy, and that demands creativity and innovation, "ITB would be the key driver for Hong Kong's innovation in the years to come," he said.

Leung said Hong Kong needs to harness the innovation more collectively and effectively by working with industry, academia and the research sector, and create new opportunities in research and development, intellectual property, and science and technology.