Singapore aims to become Asia's intellectual property hub

Singapore City, April 25 (Xinhua-ANI): Singapore's Minister for Law Mr. K Shanmugan said his country aims to expand potential growth in demand for intellectual property (IP) service and become an IP hub in the region.

In the press release issued by the Ministry of Law on Wednesday, Shanmugan said IP has become an increasingly important component of the global economy. IP filings have increased in Asia. "We aim to expand Singapore potential growth in demand for IP services in the region."

The Ministry of Law has formed the IP Steering Committee to formulate the IP Hub Master Plan to guide the next phase of Singapore's development as an IP hub.

According to the release, the Steering Committee will focus on and recommend strategies in these areas: developing a vibrant marketplace for IP transaction and commercialization and building world-class IP capabilities and infrastructure.

Mr. Teo Ming Kian, Chairman of MediaCorp Pte Ltd, will chair the Steering Committee.

Teo said, "Singapore is in a strong position to be developed into an Asian IP hub, given its legal and financial services infrastructure and robust IP regime."

He said that growth of Singapore IP service industry could further accelerate the country's transition into a knowledge-based, innovation-driven economy, and create high-value job opportunities in Singapore. (Xinhua-ANI)