Monitoring Desk
ISLAMABAD: Crown Prince Mohammed bin Salman, and Prime Minister unveiled the National Intellectual Property Strategy (NIPST), which is one of the key enablers for securing the objectives of Saudi Vision 2030.
The Intellectual Property Strategy aims to build an intellectual property ecosystem that assists innovation and a creativity-based economy by evolving an intellectual property (IP) value chain that inspires innovation and creativity competitiveness and backs economic growth to ensure that Saudi Arabia becomes a front-runner in intellectual property.
Crown Prince Mohammed bin Salman affirmed his aspirations to kindle creativity and innovation in the country for the next five years through the National Intellectual Property Strategy.
He said: “We have minds and energies ardent about innovation and creativity, and by empowering them, the Kingdom of Saudi Arabia will develop an exciting environment for a knowledge economy based on an integrated Intellectual Property (IP) ecosystem.
It will develop innovative technologies and industries, and contributes to the growth of enterprises. The NIP Strategy will further enable stimulating investment, create high-quality jobs, and increase awareness of creators’ and innovators’ rights.”
Intellectual Property Strategy
To guarantee the growth of innovation and stimulate creativity, the NIPS is based on four fundamental pillars comprising, IP Creation, IP Administration, IP Commercialization, and IP Protection.
To attain these pillars, the cooperation and integration with national stakeholders will be reinforced as key partners to back innovation, creativity, and investment growth worldwide through NIPST objectives, which increases the kingdom’s capabilities to create Intellectual Property assets of economic and social value.
To respect IP rights and increase the value of protection of creative rights, Intellectual Property protection is one of the key pillars of NIPST. It also aims at stimulating the market economy through intellectual property safety.
The adoption of NIPST backs the empowerment of innovators in various fields to build a determined country with a diversified and prosperous economy for the Kingdom and draws interested researchers, entrepreneurs, and innovators from the kingdom of Saudi Arabia and around the globe towards innovation, creativity, and respect of IP rights.
