(26 Apr 2021) The Singapore IP Strategy 2030 (SIPS 2030), a 10-year blueprint to strengthen Singapore’s position as a global intangible assets (IA) and intellectual property (IP) hub as well as maintain Singapore’s position as a top-ranked IP regime, was announced today at the World IP Day event.
SIPS 2030 builds on the 2013 IP Hub Master Plan and is led by an inter-agency committee comprising over 10 government agencies. It recognises that Innovation, IA and IP are essential drivers of Singapore’s economy and was developed in consultation with over 1,000 stakeholders from the legal, financial, professional services and business communities over the last one and a half years.
The SIPS 2030 makes key recommendations in the following areas to:
(I) Strengthen Singapore’s position as a global hub for IA/IP
(II) Attract & grow innovative enterprises using IA/IP
(III) Develop good jobs and valuable skills in IA/IP
Mr. Edwin Tong, Minister for Culture, Community and Youth and Second Minister for Law, said, “The global economy has experienced important shifts in the last decade, where the value of intangible assets (IA) now makes up 54% of the value of global listings, surpassing the value of tangible assets. Globalisation, digitalisation 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. It will help enterprises make better use of the IA and IP they produce, and position Singapore to capture the value from the increased use of such assets. The increased activities will also create more good jobs in Singapore.”
Ms. Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and Second Minister for National Development, said, “We will invest more resources to increase enterprise access to intellectual property (IP) services and help unlock potential new sources of capital through intangible assets (IA) and IP. IA/IP financing is a long-term strategic initiative that will support our goal of being a global IP and financial hub. By helping enterprises unlock financing through IA/IP and developing a credible and trusted valuation ecosystem, Singapore can be a vibrant marketplace for IA/IP financing transactions.”
Mr. Chan Chun Sing, Minister for Trade and Industry, said, “Intangible assets and intellectual property (IA/IP) management has far-reaching effects on product development, go-to-market decisions, and strategic partnerships. As we support our local companies to build innovative capabilities to move up the value chain, capture new growth opportunities and attract more IA/IP intensive companies to Singapore, we will raise awareness of the value of IA/IP, and nurture IA/IP skills across the board. A clear set of nationally recognised standards and certification programmes will also help companies to build IA/IP management into their business development and strategic management decisions, which will give them an edge in protecting and commercialising their innovations quickly.”
The SIPS 2030 full report can be accessed here.
The press release in full can be found here.