Innovation and intangible assets (IA) are increasingly driving the global economy. We see significant breakthroughs in various technology disciplines, such as artificial intelligence, green and medical technologies, and digitalisation. All these will have a high impact on the way we live and conduct our business.
Value of global intangible assets (IA): The value of global intangible assets (IA) has surpassed the value of physical assets, reaching an all-time high of moreover US$65 trillion. Singapore IP Strategy (SIPS) 2030 will help to guarantee that Singapore remains a friendly place for enterprises to protect, manage, and transact their intellectual property.
Singapore is known worldwide for having a strict rule of law and an environment that protects intellectual property. SIPS 2030 will expand on the solid basis laid out by the IP Hub Master Plan of 2013. It will witness more government-wide IA/IP efforts, a world-class IA/IP regime that keeps up with technical improvements, and expanded worldwide linkages and cooperation programmes.
SIPS 2030 will contribute to Singapore’s development as a global-Asian hub for technology, innovation, and enterprise and our broader Research, Innovation, and Enterprise 2025 goals. The Future Economic Council and Emerging Stronger Taskforce outlined that IA/IP will play a significant role in Singapore’s economic and industry change.
SIPS 2030 demands the combined efforts and energy of all stakeholders be implemented successfully. We are very excited to tell you about Singapore plans.
Singapore attracts visionaries and organisations aiming for an Asia Pacific innovation powerhouse. The country draws top-tier international organisations to its shores. Its remarkable success can be attributed to technology being as much a part of its constitution as multiculturalism.
The trifecta underpinning Singapore’s worldwide competitiveness is a rising pool of highly trained individuals, robust government support packages, and excellent IT infrastructure.
Singapore also spearheads the ASEAN-Australia Digital Trade Frameworks Initiative. Implementing regulatory frameworks and standards for digital trade, cybersecurity, data management, and other topics is a priority.
According to the Economic Development Board, Singapore is home to 80 of the world’s top 100 technological companies.
This figure represents 6.5 Percent of the country’s total GDP.
Singapore has one of the most open economies in the world. According to a 2017 World Bank report, it is the second easiest economy to do business.
Despite its small domestic market, Singapore’s economy is one of the most stable in the world. It now has no external debt, low tax rates (14.2 Percent of GDP), and the second GDP per capita with the highest purchasing power parity in the world.
The quantity of FTA agreements is also a big plus. It currently has 25 FTAs in place, both regional and bilateral. These trade alliances have been critical in assisting the country in strengthening its cross-border trade.
Singapore’s IP Strategy: The Singapore IP Strategy (SIPS) 2030 is a national strategy to assist businesses and the greater innovation community. It will help strengthen Singapore’s position as a global-Asian hub for technology, innovation, and business and their broader Research Innovation Enterprise (RIE) goals. The Future Economy Council and Emerging Stronger Taskforce’s economic and industry transformation initiatives include intangible assets (“IA”) and intellectual property (“IP”).
Singapore has made significant progress in developing an IP ecosystem that encourages innovation and is well-connected to global markets since the 2013 IP Hub Master Plan. At the same time, the world economy has changed dramatically, and IA and IP have become more prominent as economic growth drivers. As a result, businesses must have the tools and know-how to manage their IA/IP in order to grow successfully.
These advancements provide a chance for Singapore to build on its strong roots as a legal, financial, and modern services powerhouse by leveraging IA/IP to drive value creation and growth to new heights.
SIPS 2030 is divided into three key focal areas. Each addresses a distinct component of Singapore’s economy, such as supporting international operations, boosting local businesses, and developing a high-quality workforce.
SIPS 2030 demands the combined efforts and energy of all stakeholders be implemented successfully.
Disclaimer: The present article intends to provide general guidance on the subject, and you can also consult us in your specific case.