Government unveils Singapore IP Strategy 2030

The 10-year blueprint aims to strengthen Singapore's position as a global intellectual property hub.

The government unveiled the Singapore IP Strategy 2030 (SIPS 2030) on Monday, to coincide with World Intellectual Propeerty (IP) day.

The 10-year plan aims to strengthen Singapore's position as a global hub for intangible assets (IA) and IP, and to maintain Singapore's top rank as an IP regime.

"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," said Minister for Trade and Industry Chan Chun Sing.

SIPS 2030 has the following key reccomendations:

• Strengthen Singapore’s position as a global hub for IA/IP
• Attract & grow innovative enterprises using IA/IP
• Develop good jobs and valuable skills in IA/IP

According to Minister for Culture, Community and Youth and Second Minister for Law Edwin Tong, IA now makes up 54% of the value of global listings.

"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," Tong said.

SIPS 2030 is based on the 2013 IP Hub Master Plan along with consultation from 1,000 stakeholders from the legal, financial, professional services and business communities.

It is led by an inter-agency committee composed of more than 10 government agencies.