The Straits Times reports that …”Singapore is the top nation in Asia when it comes to protecting intellectual property (IP) and the second best globally, according to a new league table compiled by the World Economic Forum
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The Intellectual Property Office of Singapore (Ipos) said in a statement yesterday that this is the fourth year in a row that the country has retained high positions for IP protection.
Initiatives to improve IP protection have not gone unnoticed, enabling Singapore to climb up the annual rankings, which are compiled by the World Economic Forum.
Singapore was ninth in 2006 globally before rising to third in 2010 and second in 2011, a place it has held since. The top-ranked nation this year is Finland.
Ipos attributed the improvement in rankings to its moves to develop the country as an IP hub of Asia.
An IP Financing Scheme that allows firms to estimate the value of their patents and to monetise such assets is one such initiative. An IP ValueLab has also been set up to help companies manage their IP.
Ipos added that the strong IP regime here has helped to attract commerce and foreign investments, including over 600 franchising systems with more than 40,000 franchisees in 2012.
Franchise agreements typically rely on a strong IP regime as they involve trademarks and patented products or services. Such companies are estimated to account for 18 per cent of the total domestic retail sales volume.
“Singapore’s business-friendly IP regime has helped bolster the confidence of leading global companies such as Procter & Gamble, Continental and Mead Johnson, all of whom have selected Singapore as their location of choice for investments in business and research and development, citing the country’s strong protection of IP rights as a factor in their decisions,” Ipos said.
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