01 April 2013

Singapore to position itself as a global IP hub in Asia

01 April 2013 - The Government of Singapore has identified Intellectual property (IP) as a new growth area for Singapore. It wants to develop Singapore as an IP hub with a vibrant IP industry sector that will help to grow its economy further, and create opportunities for Singaporeans and Singapore companies. 

The Government convened the IP Steering Committee in May 2012 to formulate the Master Plan to guide Singapore’s development into a global IP hub in Asia. The Master Plan was formally submitted to the Government in early March 2013, and the Government has accepted the recommendations made by the Committee. 

The Master Plan is a 10-year plan which sets out the vision of Singapore as a global IP hub in Asia. Singapore should aim to be a hub for IP transactions and management, Quality IP filings and IP dispute resolution. To achieve these outcomes, Singapore should develop skilled manpower resources networked to the region and beyond; and a conducive and progressive environment for IP activities. 

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. 

To follow up on the Committee’s recommendations, the Government and industry partners will be rolling out several initiatives in the near term. These are aimed at developing Singapore’s IP infrastructure and skilled manpower, and enhancing the current slate of services offered. At the same time, they will help attract top IP firms and owners to transact and manage their IP in Singapore. 

With the emerging global IP landscape, Min of Law believes that the Master Plan will generate opportunities for Singapore to position itself as a global IP hub for IP transactions and management, quality IP filings and IP dispute resolution. 

Source: Singapore Ministry of Law