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Singapore trade minister urges nation to redouble IP efforts

27 August 2019

Singapore trade minister urges nation to redouble IP efforts

Chan Chung Sing, minister for Trade and Industry of Singapore said that intangible assets including IP will increasingly drive the next wave of global growth. Because of this Singapore should redouble its efforts.

Chan was guest of honor at the opening of  IP Week @ SG on at the Marina Bay Sands Convention Centre.  IP Week @SG is an annual forum tackling the latest and emerging issues surrounding IP in the innovation cycle, targeting senior business leaders, policy makers, heads of IP offices, lawyers and academicians.

In his opening address, Chan reiterated that Singapore should step up and work even harder to transform itself into a global IP centre.

“Singapore must redouble our efforts to grow ourselves as a trusted global hub for IP,” he said.

“A safe and trusted global hub for IP and other intangible assets is increasingly important. Over the last 40 years, the rate of investments in IP and other forms of intangible assets has grown by almost 60 percent. This is especially significant for our country where our growth will not be constrained by our georgraphical size or location.”

According to Chan, intangible assets will transform industries, change business models and create new markets.  Sectors like manufacturing, financial services and professional services will be able to increasingly use data and analytics.

“However, we must not be complacent,” Chan said. “The rest of Asia must catch up.”

Among others, Chan said that Singapore should find ways to translate research into commercalization and improve its management and utilization of IP. It is also in a good position to strengthen its IP enforcement.

Earlier, Intellectual Property Office of Singapore chief executive Daren Tang likewise underscored the increasing significance of IP and intangible assets.

“Intangible assets, not just IP, but data, trade secrets  and more will increasingly move to the center of our economies. ” he said in his welcome address. This movement, he added, will “transform our world and present an opportunity for us to work for the good of our people and countries.”

IP week @ SG will be held in Singapore until August 28, 2019.

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