IP a key driving force for Singapore
25 August 2015
Singapore - "Numbers show that IP is a key driving force for the Singapore economy” said Mr. K Shanmugam, Minister for Foreign Affairs and Law with the Singapore government. Shanmugam was delivering the welcome address at the 5th Global Forum on IP (GIFP).
Shanmugam further elaborated, highlighting that IP intensive industries accounted for almost half of Singapore’s GDP between 2011 and 2013, generated 1.3 million jobs, representing 43% of total employment in Singapore, and that jobs in these industries paid 29% more than other industries. “We will continue to create more opportunities for all to participate in the exciting IP ecosystem” he said.
The OECD expects Asia to account for more than 80% of growth in middle class spending worldwide over the next 2 decades. ASEAN is the 7th largest trading block in the world, and one of the fastest growing regions, growing by about 5% per year. IP can help Singapore companies seize these opportunities, said Shanmugam, and a key thrust of the IP Hub Masterplan is to build a globally competitive workforce equipped with the specialist IP skills they need to meet the demand for IP services.
“And we have created many avenues to help companies here secure IP protection overseas. They can apply through IPOS, the Intellectual Property office of Singapore, for an international trademark registration through the Madrid Protocol, they can apply for an international design registration under the Hague System, and from 1st September 2015 IPOS will perform the role of a PCT international authority.”
“Singapore’s economy has come a long way in the last 50 years” concluded Shanmugam. “IP has played a crucial role in the journey, and is likely to play an even more important role in the future.
Shanmugam was delivering the opening address at the 5th GIFP, part of IP Week @ SG, which runs at the Marina Bay Sands Expo and Convention Centre in Singapore from 24 to 28 August.
