Prince Mohammed bin Salman, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs, launched on Thursday the National Intellectual Property Strategy (NIPST). One of the enablers for achieving the objectives of Saudi Vision 2030, NIPST aims to build an intellectual property ecosystem that supports innovation and creativity based economy, 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.

Crown Prince Mohammed underlined his aspirations to stimulate creativity and innovation in the Kingdom 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,” he stressed.

“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 NIPST is based on four fundamental pillars: IP Creation, IP Administration, IP Commercialization, and IP Protection. In order to achieve these pillars, cooperation and integration with national stakeholders will be strengthened as key partners to support innovation, creativity, and investment growth worldwide through NIPST objectives.

This in turn boosts Saudi Arabia’s capabilities to create IP assets of economic and social value. IP Creation builds on the importance of IP creation and Saudi creative minds and young talents that innovate in various fields. IP Protection seeks to respect intellectual property rights and boost the value of protection of creative rights. It also aims to stimulate the market economy through intellectual property protection.

IP Commercialization seeks to boost the competitiveness of IP-based products through the utilization of intellectual property and maximizing its impact. It will contribute to the growth and attraction of investments in Saudi Arabia and taking into consideration the Kingdom's 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 To ensure effective management of human creations, IP Administration 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 Saudi Arabia and that attracts interested researchers, entrepreneurs and innovators from the Kingdom and around the world.

Credit: Independent News Pakistan-INP