Singapore grows as hub for business and IP activities
22 May 2023
At the opening ceremony of the 145th Annual Meeting of the International Trademark Association (INTA) held at the Sands Expo and Convention Centre in Singapore last May 17, 2023, Edwin Tong SC, Minister for Culture, Community and Youth, and Second Minister for Law, reaffirmed how much trademark and trademark filings will continue to grow in the succeeding years. There have been very significant increase during the past years, with the driving factor behind the growth being related to the metaverse and NFTs, two areas where Asia is emerging.
He also added how much Singapore has grown as a hub for businesses. “We’re glad that INTA and many major brands have chosen Singapore as a hub for their business and IP activities,” he said. “Brands and IP help drive business performance and growth, especially in an increasingly competitive global marketplace where businesses need to differentiate themselves. We will continue to support businesses using their IP to grow in, from and through Singapore.”
The event – which was participated by around 8,000 global thought and business leaders from 140 countries – discussed the latest brand and intellectual property strategies. It took place on the back of record trademark filings worldwide, underscoring the growing importance of brands as strategic IP assets for enterprises and Singapore’s role as a global brand, business and IP hub.
The number of IP submissions increased in 2021. With 18.1 million trademark classes filed internationally, up 5.5 percent from the previous year, there was an rise in trademark filings everywhere. This year marked the twelfth consecutive year of the increase. With more than two-thirds of all trademark filings, Asia continued to lead this rise and made up less than half of the worldwide filings a decade ago.
In addition, from almost US$11 trillion in 2020 to over US$12 trillion in 2022, the worth of the top 5,000 worldwide brands has grown. This represents an increase of about 14 percent during the Covid-19 pandemic.
The Intellectual Property Office of Singapore (IPOS) has published two studies that examine the relationship between intellectual property and corporate success in connection with the meeting. One study looked at the largest companies in Singapore and discovered that companies with strong brands and/or patent portfolios had around double the revenue, net profit and market capitalization of companies without such assets.
On the other hand, the other study discovered that, during the previous 10 years, Singaporean firms with trademarks saw earnings that were almost 10 percent higher than those of companies without registered intellectual property. Additionally, companies having both trademarks and patents generated around two times as much profit as those without IP registration.
Jomarie Fredericks, the 2023 INTA president, also shared how much INTA has helped her grow and how much this organization meant to her. “We share a sense of belonging,” she said. “I haven’t done it alone, and I’ve had great support at INTA from mentors and champions. What you give to INTA, you get back tenfold. Don’t be afraid to speak up or make yourself heard. We have a community here, and that’s a privilege.”
The conference also featured a ‘Singapore Pavilion’, which showcased 20 global and local enterprises that use Singapore as a global brand, business and IP hub. To expand internationally, they used the city state’s business-friendly climate, skilled labour market, solid physical and digital infrastructure, ASEAN link, and strong legal and IP regime
- Excel V. Dyquiangco.