According to a press release (via ZDNet) on the Ministry of Law website, the Singaporean Government unveiled the 10 year master plan to be Asia’s Intellectual Property (IP) hub. The country, as per the release has taken an initiative to come forward and grab the position within 10 years time to turn the country into the global IP hub in Asia.
The Government has accepted the recommendations from the IP Steering Committee calling Singapore a hub for IP transactions and management, quality IP filings, and IP dispute resolution. Among the various plans, the government also looking forward to introduce an IP financing scheme with partially underwrites the patent values as collateral in event of default.
“Singapore’s development as a global IP hub in Asia will create high-value job opportunities for Singaporeans and generate benefits for the legal and IP service sectors, as well as IP owners,” the ministry said in the press release. “The IP Steering Committee chaired by MediaCorp Chairman Teo Ming Kian and it consulted over 200 IP professionals from more than 100 local and foreign organizations before formulating the recommendations.”
(Image Credit / Source: Flickr / Kenny Teo (zoompict))