SINGAPORE - Minister for Law, Mr K Shanmugam, shared during the recent Committee of Supply debate that intellectual property (IP) has become an increasingly important component of the global economy.
He said that the Ministry of Law has plans to expand Singapore's role in Asia into becoming an IP hub, as IP filings in Asia has increased dramatically.
To ensure that Singapore's development into an IP hub, the Ministry has formed an IP Steering Committee to formulate the IP Hub Master Plan.
The Committee will focus on two specific areas: Developing a vibrant marketplace for IP transactions and commercialisation and to build world-class IP capabilities and infrastructure.
The Committee will be chaired by Mediacorp Pte Ltd's Chairman, Mr Teo Ming Kian and 15 other members will form the committee.
Mr Teo said that he hopes that the hub will hope to encourage more innovations and inventions locally and in the region.
Speaking on the committee's role, he said, "The growth of the IP service industry could further accelerate our transition into a knowledge-based, innovation-driven economy and create high-value job opportunities in Singapore."
Singapore's movement into a IP Hub was also marked by its two day World Intellectual Property Day celebration at Toa Payoh Hub where JJ Lin Jun Jie was conferred the title of Singapore's IP Ambassador.
The Committee is outlined on the next page