Government has accepted Intellectual property (IP) Hub Master Plan recommendations made by the IP Steering Committee. IP has been recognised as a new growth area and Government intends to roll out initiatives to develop Singapore as a global IP hub in Asia.
1. Intellectual property (IP) has become a key driver of economic growth globally. There is a rise in patent and trademark filings worldwide, especially within Asia. Global royalty and licensing revenue has also risen significantly. Against the backdrop of the increasing importance of IP in the knowledge economy, the Government has identified IP as a new growth area for Singapore. We see a window of opportunity to develop Singapore as an IP hub with a vibrant IP industry sector that will help to grow our economy further, and create opportunities for Singaporeans and Singapore companies.
2. To this end, the Government convened the IP Steering Committee, chaired by Mr Teo Ming Kian, Chairman of MediaCorp Pte Ltd, in May 2012 to formulate the Master Plan to guide Singapore’s development into a global IP hub in Asia. More than 200 IP professionals from over 100 local and foreign companies and organisations were consulted. The Master Plan was formally submitted to the Government in early March 2013, and the Government has accepted the recommendations made by the Committee.
To find out more about the 10-year plan that sets out the vision of Singapore as a global IP hub in Asia, click on IP Masterplan.