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Singapore IP Strategy 2030 unveiled
27 April 2021
Leading intellectual property hub Singapore is on its way to solidifying its position in the global IP arena with the unveiling of the Singapore IP Strategy 2030 (SIPS 2030) today, April 26 during World IP Day.
SIPS 2030, a 10-year blueprint anchored on innovation, intangible assets (IA) and IP, is envisioned to further strengthen Singapore’s economic growth. Building on the 2013 IP Hub Master Plan, SIPS 2030 aims to maintain the country’s position as a top-ranked IA/IP regime and bolster its reputation as a global hub for IA and IP activities and transactions.
First among SIPS 2030’s key thrusts is to strengthen Singapore’s position as a global center for IA/IP activities. It aims to achieve this by, among others, developing a next-generation IP filing system.
Set for launching in mid-2022, the new IP filing system will be more intuitive to use. It will feature predictive assistance capability and a user-friendly dashboard with users analytical insights.
Singapore, already a major fulcrum for cross-border dispute resolution activities, is poised to become an even more dynamic hub under SIPS 2030. Already underway are initiatives involving collaborations with law schools, professional training providers, and others to ensure a sustained pool of technical experts.
Continuing to strengthen ASEAN & global linkages will also help Singapore retain its repute as a global center for IA/IP.
Another key thrust is to attract and grow innovative companies with strong IA/IP foundations. A new online marketplace for IA/IP services called IP Grow and a credible and trusted IA/IP valuation ecosystem will help make this a reality.
Finally, SIPS 2030 aims to develop good jobs and valuable skills in IA/IP.
“At the individual level, we want to develop good jobs and valuable skills that will last and that will be sustainable in the foreseeable and longer-term future,” said Edwin Tong, Minister for Culture, Community and Youth and Second Minister for Law. “We’ll improve on the training and education programs of all students and also of all professionals. We’re also introducing a national standard for IA and IP management that can serve as a benchmark for these skills.”
Having a skilled workforce is critical, added Tong, deputy chairperson of the SIPS 2030 implementation committee. To promote investor confidence and put Singapore in the global stage, it is important that Singapore’s professionals possess the skills that are relevant for businesses, he said.
“Businesses can better unlock the value of their IA, such as through capital raising, and better manage investments in their IA portfolio. Businesses will also have greater opportunities to commercialize and monetize their innovations. By building up enterprise capabilities and skills in IA and IP management and strategy, SIPS 2030 will help Singapore SMEs emerge stronger in the post-pandemic economic landscape,” said Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance, Second Minister for National Development and chairperson of the implementation committee.
“The global economy has experienced important shifts in the last decade, where the value of intangible assets now makes up 54% of the value of global listings, surpassing the value of tangible assets. Globalization, digitalization and the pandemic have also disrupted businesses and lives, challenging the status quo. The Singapore IP Strategy 2030 is a whole-of-government effort to enable us to seize the opportunities and emerge stronger,” said Tong.
SIPS 2030 is spearheaded by an inter-agency committee comprising over 10 government agencies including the Intellectual Property Office of Singapore. It was developed in consultation with over 1,000 stakeholders from the legal, financial, professional services and business community.
Espie Angelica A. de Leon
