Singapore Strengthens its IP Regime with 10-year Intellectual Property Strategy 2030

May 2021

On 26 April 2021, commemorating World Intellectual Property Day, Singapore unveiled the Singapore Intellectual Property Strategy 2030 (SIPS 2030). The 10-year blueprint aims to strengthen Singapore’s position as a global intangible asset (IA) and intellectual property (IP) hub.

SIPS 2030 builds on the 2013 IP Hub Master Plan and is led by an inter-agency committee comprising over 10 government agencies. It recognizes 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.

SIPS 2030 has the following key recommendations:

  • 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 Singapore’s Minister for Trade and Industry, “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 recognized standards and certification programs 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 commercializing their innovations quickly.”

(Sources: The Intellectual Property Office of Singapore; Singapore Business Review)

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