In response to the rise in patent and trademark filings in Asia and the significant increase in global royalty and licensing revenue, the Singapore government convened the Intellectual Property Steering Committee in May 2012. The committee, tasked with the mission of developing Singapore as an intellectual property (IP) hub in Asia, submitted the IP Hub Master Plan in early March 2013. The master plan was accepted by the Singapore government shortly afterward, and the plan was set in motion.
The master plan is a 10-year plan with three general goals: (1) to transform Singapore into a hub for IP transactions and management; (2) to attract quality IP filings in Singapore; and (3) to promote Singapore as a centre of IP dispute resolution, where IP disputes are brought to Singapore for expeditious and effective resolution through litigation or alternative dispute resolution.
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Alex Lo is an associate counsel of the Singapore International Arbitration Centre