A new 10-year master
plan aimed at developing Singapore into a global Intellectual Property (IP) hub
was unveiled Monday.
The master plan, which was formulated by an IP
Steering Committee, was revealed by the Ministry of Law after the government
accepted the committee’s recommendations.
The committee, which is led by MediaCorp chairman Mr
Teo Ming Kian, was formed in May 2012 after the government identified IP as a
key driver of global economic growth.
"What the government is constantly on the lookout
for is new opportunities for Singaporeans… and one new growth area we
identified was the IP industry, because that is basically growing exponentially
worldwide," said Senior Minister of State for Law Indranee Rajah.
Among the recommendations outlined in the master plan
is a call for Singapore to be an international hub for IP transactions and
management.
The committee also recommended boosting the quality of
IP filings as well as IP dispute resolution in Singapore.
To achieve these outcomes, the committee said that
Singapore should develop skilled manpower resources networked to the region and
beyond, as well as create an environment suitable for IP activities to
strengthen Singapore as a vibrant IP hub.
There is also an increasing need to have ideas and
knowledge to move up the value-added chain in the economy, said Mr Teo.
"We have gone through the phases of the labour
intensive, skill intensive, capital intensive sorts of economic development. To
get to the next level, you really need knowledge, you really need to exploit
ideas. And this is where I think the committee feels that Singapore has a role
to play," he added.
He also said that Singapore’s strong legal and
financial system was an advantage.
"We are well trusted because we have rule of law.
We have (the) consistency of policies to protect properties, tangible or
otherwise. We are a very effective and efficient business and financial
centre... I don't think there are many other countries who can lay claim to
(having this combination of factors)."
Among the initiatives the government unveiled Monday
in support of the master plan was a IP financing scheme, which would see the
government partially underwriting the value of patents used as collateral in
the event of a default.
The Financial Training Scheme, which is administered
by the Monetary Authority of Singapore (MAS), will also be extended to include
IP financing-related courses.
The Intellectual Property Office of Singapore will
also spend S$50 million to build up a search-and-examination team in niche
technology areas such as biomedical sciences, electronics and IT to boost the
quality IP filings.
- CNA/jc
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