A new agency was launched on Monday in Hong Kong to accelerate the industrialization of the cultural, arts, and creative sectors, advancing the city’s goal of becoming a cultural exchange hub connecting China with the world.

During the launching ceremony of the Cultural and Creative Industries Development Agency, Secretary for Culture, Sports and Tourism Kevin Yeung Yun-hung highlighted the agency’s mission to foster a nurturing environment for culture in Hong Kong.

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The organization was restructured from the 15-year-old CreateHK program, a decision announced in October’s Policy Address to promote the development of the cultural sector with an industry-oriented approach.

Through its initiatives and sponsorships, CreateHK has nurtured a generation of creators and startups that now form the backbone of the city’s cultural landscape. Under its oversight, the eight creative industries — advertising, architecture, design, digital entertainment, film, music, printing and publishing, and television — have seen their revenue increase from HK$38.7 billion ($4.96 billion) to HK$63.5 billion, Yeung said.

The revamped agency will set up a dedicated team to assist industries with expanding their overseas market reach. The team will support local trade groups to participate in exhibitions and performances globally and export Hong Kong’s cultural products.

The team will also strengthen the creation and protection of intellectual property, enhancing Hong Kong’s international standing. In addition, it will continue to provide various support programs to fuel these industries’ development.

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During the ceremony, the new agency signed a memorandum of understanding on the collaboration of “Great Wall Cultural Creativity” with Changcheng Cultural and Creative (Beijing) Culture Co Ltd.

This followed two similar partnerships inked in Beijing on Wednesday with the National Museum of China (Beijing) Cultural Industry Development Co Ltd, and Guangzhou Tai Lai Digitals Cultural Tourism Co Ltd.

The collaborations aim at market development, promotional activities, and cultural exchanges. They also encourage Hong Kong brands to create more cultural and creative products that feature the essence of the national museums and historical treasures.