In more detail
According to Mr. Tong, strengthening Singapore’s position as a global hub for innovation, intangible assets and IP will help develop good jobs and skills in the growing sector. The growth of intangible assets and IP capabilities will also help attract and grow innovative enterprises in Singapore. This move is consistent with the government’s recent efforts to enhance Singapore as an IP hub. Some of the more significant developments in this space are as follows:
- In February 2020, MinLaw and the Singapore Exchange launched the Intangible Disclosure Evaluation and Audit Scheme to encourage companies to promote a more robust intangible asset disclosure environment.
- In May 2020, MinLaw launched the SG IP Fast Programme to expedite the registration of patents and related trademarks and registered designs.
- In August 2020, MinLaw partnered with the Singapore Business Federation to launch the pilot Workforce for IP Savvy Enterprises programme to help Singapore enterprises identify new business opportunities and acquire new capabilities through IP.
- In the same month, the Intellectual Property Office of Singapore (IPOS) partnered with local universities to launch the Young Mediator Initiative to develop the next generation of IP mediators in Singapore. This saw its first successful multijurisdictional IP mediation in December 2020, with student mediator Utsav Rakshit participating under the guidance of our very own Andy Leck.
- Mr. Tong said that Singapore will continue to build its capabilities in handling IP dispute resolution. This is on the back of 2019 amendments to Singapore’s Arbitration Act and International Arbitration Act to clarify that IP disputes are arbitrable in Singapore, binding only on parties to proceedings.
The government’s recent initiatives in partnership with various stakeholders show its efforts to build a vibrant ecosystem of IP capabilities in Singapore. With more companies operating across different jurisdictions and the exponential digitalization in the way companies do business due to the COVID-19 pandemic, IP disputes are also becoming increasingly complex. The government’s new IP Strategy 2030 will no doubt fortify Singapore’s position as a global IP hub with a world-class IP protection regime.
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