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Intellectual Property to Drive the Future Economy

Issued: August 29 2017

K. Shanmugam delivers the opening address for the Global Forum on Intellectual Property

Singapore, 29 August 2017 - “Intellectual property will drive the future economy through the use of innovation and IP growth strategies” said K. Shanmugam, Minister for Law and Home Affairs in the Singapore government.


Highlighting the role of the Singapore Government’s Committee for the Future Economy, Shanmugam explained that innovation was key for Singapore’s future. “Innovation is more than creativity or invention, it is about bringing new ideas to the market, transforming ideas into tangible assets, and then protecting them and using them” he explained.


A conducive business environment that supports innovation is needed, he went on to say, highlighting California’s Silicon Valley as a prime example. There, business friendly laws and regulations, a large talent pool, with nearby universities and research institutes, an extensive collection and network of innovative enterprises, and a large domestic market have made Silicon Valley a world leader that is unlikely to be beaten anywhere.


“We are not Silicon Valley” Shanmugam said, “but we are constantly improving on our own set of competitive advantages to create an innovation-conducive ecosystem. If you look at ASEAN as a whole, we are the sixth largest economy in the world, just behind the UK and ahead of France, and growing faster than both of them. We are sat in a sweet spot geographically if we can get it right”


“Our laws and regulations make it easy to do business in Singapore, we have a strong intellectual property regime; we are one of the most pro-business, pro-innovation countries in Asia, with good universities, some of the best research institutes nearby and a skilled and highly educated workforce; and a strong focus on research, innovation and supporting enterprises. Many companies have recognized these various advantages and have located some of their IP activities in Sinagpore as a result” he went on to say.


“Local companies and business are the key, and should try to leverage on the advantages Singapore has and innovate and develop an IP management strategy that is fully aligned wit their business strategy” he concluded.


Shanmugam was giving the opening address at the Global Forum on Intellectual Property, at the Marina Bay Sands in Singapore, part of IP Week @ SG 17. - Darren Barton


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