National Intellectual Property Strategy (NIPST), which is one of the enablers for achieving the objectives of Saudi Vision 2030, aims to build an intellectual property ecosystem that supports innovation and creativity based economy….reports Asian Lite News
Saudi Arabia’s Crow Prince Mohammed bin Salman bin Abdulaziz Al Saud has launched the National Intellectual Property Strategy (NIPST), to support the Kingdom’s economy based on innovation and creativity.
NIPST, which is one of the enablers for achieving the objectives of Saudi Vision 2030, aims to build an intellectual property ecosystem that supports innovation and creativity based economy.
This by developing an intellectual property (IP) value chain that stimulates innovation and creativity competitiveness and supports economic growth to ensure that Saudi Arabia becomes a leader in intellectual property, Saudi Press Agency (SPA) reported.
Crown Prince Mohammed bin Salman has affirmed his aspirations to stimulate creativity and innovation in the Kingdom of Saudi Arabia for the next five years through the National Intellectual Property Strategy.
“We have minds and energies passionate about innovation and creativity, and by enabling them, the Kingdom of Saudi Arabia will become a vibrant environment for a knowledge economy based on an integrated Intellectual Property ecosystem that develops innovative technologies and industries, and contributes to growth of enterprises,” Crown Prince said.
“The National Intellectual Property Strategy will further enable stimulating investment, create high quality jobs, and raise awareness of creators and innovators rights.”
In order to ensure the growth of innovation and stimulate creativity, the National Intellectual Property Strategy is based on four fundamental pillars: IP Creation, IP Administration, IP Commercialisation, and IP Protection.
In order to achieve these pillars, the cooperation and integration with national stakeholders will be strengthened as key partners to support innovation, creativity, and investment growth worldwide through NIPST objectives, which enhances Saudi Arabia capabilities to create IP assets of economic and social value, it was reported.
Building on the importance of IP creation and Saudi creative minds and young talents that innovate in various fields and other competitive advantages, IP Creation has been one of the pillars of NIPST, which aims to enhance the creation of national high value IP assets, it added.
IP protection aims at stimulating the market economy through intellectual property protection. It also important in context of respecting intellectual property rights and enhancing the value of protection of creative rights.
Meanwhile, the IP Commercialisation pillar is adopted to contribute to the growth and attraction of investments in the Kingdom and based on its investments in cities and projects of the future, innovation and creativity such as The Line and Neom and its distinctive geographical location and strong digital infrastructure.
It aims at enhancing the competitiveness of IP based products through the utilization of intellectual property and maximizing its impact.
In addition, to ensure effective management of human creations, IP Administration is one of the pillars of NIPST which aims to improve the IP value by establishing a fast and high-quality registration system.
Each pillar will also have a number of initiatives assigned to government agencies and is measured periodically according to a governance framework that defines roles and responsibilities, including decision-making on important issues related to the implementation of NIPST projects and supporting thereof.
The adoption of NIPST supports the empowerment of innovators in various fields to build an ambitious country and a diversified and prosperous economy for the Kingdom of Saudi Arabia and attracts interested researchers, entrepreneurs and innovators from Saudi Arabia and around the world towards innovation, creativity and respect of IP rights.