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Singapore boosting IP capabilities to ride Asian wave

Published on Aug 27, 2014 7:35 AM
 
Mr Shanmugam announced the launch of a new unit to help businesses unlock the value of innovations at the opening of the IP Week @ SG at Marina Bay Sands. -- PHOTO: IPOS

Singapore is boosting its capabilities in the area of intellectual property (IP) in a bid to ride on Asia's growing demand for IP-related services.

IP refers to the ownership of ideas, inventions and innovations - and the process of turning that property into profits.

Law Minister K. Shanmugam announced the launch of a new unit to help businesses unlock the value of their innovations at the opening of the IP Week @ SG, held yesterday at Marina Bay Sands.

The IP ValueLab, being developed as a subsidiary of the Intellectual Property Office of Singapore (Ipos), will provide a whole suite of services to the various players in the IP field.

 
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Background story

RISING DEMAND

Given a younger, savvier and better educated populace in these countries with good purchasing power, there will be greater demand for better services and higher-end goods. IP will be a key component of that.

- Law Minister K. Shanmugam, who noted that IP is increasingly important in affluent Asia

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