Can Singapore become Asia's leading IP hub?

Government seems to think so with a new IP Steering Committee formed to galvanize IP services development.

Intellectual property is a fast-growing global industry, and Singapore would do well to focus on becoming the regional leader in IP-related legal and financial services, said the Minister for Law Mr K Shanmugam. If developed well, a more robust IP services sector will lead to the creation of new high-value jobs and foster a better culture innovation in the country.

Here's more from the Ministry of Law:

The Minister for Law, Mr K Shanmugam, shared during the recent Committee of Supply debate that intellectual property (IP) has become an increasingly important component of the global economy. IP filings have increased worldwide, particularly in Asia. We aim to expand Singapore’s role as an IP hub for Asia, and service the potential growth in demand for IP services in the region.

The Ministry of Law has formed the IP Steering Committee to formulate the IP Hub Master Plan to guide this next phase of Singapore’s development as an IP hub. The Steering Committee will focus on and recommend strategies in these areas: Strategic Thrust 1 – Developing a vibrant marketplace for IP transaction and commercialisation; Strategic Thrust 2 – Building world-class IP capabilities and infrastructure.

The Steering Committee will be chaired by Mr Teo Ming Kian, Chairman of MediaCorp Pte Ltd. Mr Teo was previously Chairman of the Economic Development Board, Chairman of the then National Science and Technology Board, and Permanent Secretary (National Research and Development). His curriculum vitae is in Annex A. The Steering Committee will comprise 15 members with diverse backgrounds and expertise in IP from both the private and public sectors. The composition is in Annex B.

The Steering Committee will be supported by two Sub-Committees, which will undertake a more in-depth study into the issues under the two strategic thrusts. In formulating their recommendations, the Committees will consult widely with industry experts and stakeholders.

Mr Teo Ming Kian, Chairman of the Steering Committee, said: “Singapore is in a strong position to be developed into an Asian IP hub, given its legal and financial services infrastructure, and robust IP regime. The growth of our IP service industry could further accelerate our transition into a knowledge-based, innovation-driven economy, and create high-value job opportunities in Singapore. Companies and inventors in Singapore and the region will have greater access to a wider network of global IP service providers which in turn could draw in more service providers and encourage more inventions and innovations.”

The Steering Committee aims to finalise and submit its recommendations to the Government by early 2013.