Hong Kong is well positioned  to develop Chinese medicine-based health food and pharmaceutical  products, a Chinese medicine expert said here Thursday.

   "Given HK's ability to leverage on the resources of the  mainland and its known competitive advantages, the development of  Chinese medicine-based industries will undoubtedly offer  significant business opportunities for the territory," said Edmund Lee, the new executive director of the Hong Kong Jockey Club  Institute of Chinese Medicine Ltd.(HKJCICM).

   The HKJCICM was established as a visible focal point for action and coordination in Hong Kong's pursuit to be the world center for the development of health food and pharmaceuticals based on  Chinese medicine.

   Lee said the imminent task of the HKJCICM is to devise schemes  and measures to take forward the mission and strategic direction  formulated by its Board.

   The Hong Kong Jockey Club Charities Trust has agreed to donate  500 million HK dollars (64.1 million U.S. dollars) to fund the  HKJCICM's research programs and activities in pursuit of its  mission.