Saudi Arabia’s Crown Prince Mohammed bin Salman has launched an initiative that will see the creation of an intellectual property ecosystem that supports innovation and a creativity-based economy, the Saudi Press Agency reported on Thursday.
The system, called the National Intellectual Property Strategy (NIPST), will reportedly play a part in achieving the objectives of the Kingdom’s Vision 2030.
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“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,” the Crown Prince was quoted as saying by SPA.
“The National Intellectual Property Strategy will further enable stimulating investment, create high quality jobs, and raise awareness of creators and innovators rights,” the report added.
The system is separated into four pillars: IP Creation, IP Administration, IP Commercialization, and IP Protection, SPA reported.
The protection pillar of IP is expected to “respect intellectual property rights and enhance the value of protection of creative rights,” according to the report.
The NIPST is also expected to tie into mega projects The LINE and NEOM by contributing towards its digital infrastructure.
Government agencies will be chosen to periodically measure the results, progress and assist with decision making related to NIPST.