Singapore moves to become Asia’s IP hub
SINGAPORE – Singapore’s robust intellectual property (IP) infrastructure has facilitated the growth of local businesses and boosted Singapore’s economy.
Speaking at the opening of Singapore’s first IP Week @ SG, Minister for Trade and Industry Lim Hng Kiang said the government aims to build on this foundation to develop the Republic into an Asian IP hub.
“Our companies’ demand for IP services is growing in tandem with the growth of research and innovation activities in Singapore. In response, the Government has put in place programmes to help our businesses better leverage their IP for increased competitive advantage and to develop new products, services and revenue streams,” Mr Lim said.
Since 2007, 400 small businesses have worked with SPRING Singapore and the Intellectual Property Office of Singapore to develop IP strategies. Meanwhile, in line with global trends, the number of IP filings in Singapore has also increased. Between 2001 and last year, patent filings rose by 20 per cent to almost 10,000, while trade mark filings soared by 72 per cent to nearly 35,000.
Singapore is also ranked third globally in royalty and licensing fees, behind Japan and China, cementing the country’s position as a regional IP hub.
According to the World Bank and the International Monetary Fund, royalty and licence fee payments in Singapore grew by 73 per cent from 2006 to US$15.6 billion (S$19.8 billion) in 2010. To develop the IP workforce, Singapore will launch the IP Competency Framework by the end of the year.