Singapore comes up with IP Strategy 2030

Singapore comes up with IP Strategy 2030

Singapore unveiled its IP Strategy 2030 (SIPS 2030) recently on World IP Day making its way towards solidifying its position in the global IP arena. Singapore has been a leading IP hub in the Asia Pacific.

SIPS 2030 aims to strengthen Singapore's economic growth with a strong blueprint of innovation and IP for the next 10 years. This strategy aims at keeping the country's position as a top-ranked IP regime becoming the global hub for IP activities. For this the primary aim of SIPS will be to strengthen the position as the global center, developing the next generation IP filing system. The IP filing system will be launched in mid-2022 featuring predictive assistance capability and a user-friendly dashboard.

With the incoming of SIPS, it will boost the cross-border dispute resolution activities to become a more dynamic hub where Singapore continuously strengthens its global linkage. For ensuring that there is an effective pool of technical experts, initiatives such as collaboration and training providers are also underway. All such initiatives will help to attract more innovative companies with strong IP foundations which will further help in developing jobs and valuable skills in IP. Putting more impetus on investor confidence, the professional must possess the skills that are relevant for business.

Edwin Tong, Minister of Culture Community and Youth and Second Minister for Law said, "At the individual level, we want to develop good jobs and valuable skills that will last and that will be sustainable in the foreseeable and longer-term future. We'll improve on the training and education programs of all students and also of all professionals. We're also introducing a national standard for IA and IP management that can serve as a benchmark for these skills." Tong is also the deputy chairperson of the SIPS 2030 implementation committee.

"The global economy has experienced important shifts in the last decade, where the value of intangible assets now makes up 54% of the value of global listings, surpassing the value of tangible assets. Globalization, digitalization, and the pandemic have also disrupted businesses and lives, challenging the status quo. The Singapore IP Strategy 2030 is a whole-of-government effort to enable us to seize the opportunities and emerge stronger," said Tong.

Indranee Rajah, Minister in the Prime Minister's Office, Second Minister for Finance, Second Minister for National Development and chairperson of the implementation committee said, "Businesses can better unlock the value of their intangible asset (IA), such as through capital raising, and better manage investments in their IA portfolio. Businesses will also have greater opportunities to commercialize and monetize their innovations. By building up enterprise capabilities and skills in IA and IP management and strategy, SIPS 2030 will help Singapore SMEs emerge stronger in the post-pandemic economic landscape."