Singapore has unveiled its Singapore IP Strategy 2030 ("SIPS 2030") at the World IP Day event on 26 April 2021. SIPS 2030 is a 10-year blueprint to strengthen Singapore's position as a global intangible assets ("IA") and intellectual property ("IP") hub as well as maintain Singapore's position as a top-ranked IP regime.
The full SIPS 2030 report ("Report") (available here) was published in a joint press release from the Ministry of Law, Ministry of Finance, Ministry of Trade and Industry, and the Intellectual Property Office of Singapore ("IPOS"). The Report details the various aspects of SIPS 2030, which consists of three main objectives:
- Strengthen Singapore's position as a global hub for IA/IP;
- Attract and grow innovative enterprises using IA/IP; and
- Develop good jobs and valuable skills in IA/IP.
The Report highlights that, with rapid advancements across diverse technology fields, the global economy is increasingly driven by IA, with global IA value standing at an all-time high of more than US$65 trillion, surpassing the value of tangible assets. It is thus vital for Singapore to remain at the forefront of this movement, and for businesses to fully utilise the opportunities afforded in this thrust of initiatives.
Singapore businesses should be aware of the impending changes to Singapore's IA/IP regime, both in policy and infrastructure. Businesses should also consider how they can benefit from the government's efforts to increase enterprises' access to IA/IP services and to help enterprises unlock potential new sources of capital through IA/IP.
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