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Opening Address by Minister for Culture, Community and Youth and Second Minister for Law Mr Edwin Tong SC, at the Opening Ceremony of the Global Forum in Intellectual Property at IP Week 2024 on 27 August 2024

27 Aug 2024

Mr Daren Tang, Director General of the World Intellectual Property Organization

1         A special shout out to all of you who have travelled from far and away to join us here in Singapore. Welcome, welcome, welcome.

2        It is a real pleasure to see all of you in this very jam-packed week. I was tired listening to Rena speak of all the different events that you will go to, and happening in conjunction with the Singapore Convention Week.

3         For those who are not so sure, the Singapore Convention Week, just like the IP Week, is also a week of events centred around dispute resolution. Because we in Singapore believe that, in every transaction that we enter into, we can't avoid disputes. What is important is how we resolve disputes in as open, transparent and friendly way, as far as possible.

4         But coming back to IP, we are very deeply honoured and privileged to have so many friends from around the world join us in Singapore, supporting our events, taking time to share knowledge, share information with us, and like Rena said, to build meaningful connections and relations from across the world.

Introduction: The Growing Importance of IA/IP

5          I thought I will start this morning’s speech with a question – can you name the two people shown on the screen?

6         I am sure more of you will recognise the gentleman on the left. That is Thomas Edison, more popularly known as the man who invented the light bulb. Or did he?

7         Actually, he was not the man who first invented the light bulb. The gentleman on the other side, Humphry Davy, was in fact the first one to invent the light bulb in 1809, 71 years before Thomas Edison invented the light bulb in 1880.

8          What Thomas Edison really did first, was to patent a commercially viable model of the light bulb. He filed his patent 70 years later, after Humphrey Davy first invented the light bulb. Eventually, as we all know, Thomas Edison is now credited with the invention of the light bulb. He received his historic patent in 1880. His patent number was, for those of you who are interested, 233,898. He then marketed it aggressively, in those days, as far as he could. He turned ideas into assets, moved forward with his IP, exactly as the theme of this IP Week tells us to do.

9         From this little example, more than a century ago, we can see how important IP is.

10        At the risk of really speaking and preaching to the converted, let me say a few words this morning about why we think IP is growing at a tremendous pace; what we in Singapore are doing to harness it, to grow it, and to facilitate it as much as possible in our little jurisdiction; and finally, the role that we see for Singapore, plugged into the world of multilateralism, to allow everyone to grow together with IP.

11        But first, let me share some data with you. Earlier on, Rena spoke about the growing importance of intangible assets (IA) and IP, and in fact how you value it will determine the extent to which you can finance it and then eventually trade and sell it.

(a) Globally, the value of IA has reached nearly US$62 trillion in 2023 – that is an 8% year-on-year increase. More significantly, the pace of growth has been accelerating. The value of IA has more than doubled in the past decade alone, and we see no signs of that abating.

(b) Worldwide patent filings have also been growing, increasing by 1.7% to reach a record 3.5 million applications in 2022. Of this, if you do a deeper dive into this number, Asia is leading this growth, accounting for over two-thirds of filing activity. So over two-thirds of that 3.5 million patent applications in 2022 were filed here in Asia.

(c) Closer to home, a recent study by IPOS found that IP-rights-intensive industries, consisting of manufacturing and R&D, now generate over one-third of our total economic activity, and from the jobs perspective, account for one in five jobs.

12    These numbers paint a very clear picture of the importance of IA and IP, not just today, but tomorrow as well. The impact is not just economic. Innovation driven by IA and IP also has important consequences for how we transact with one another, how we interact with one another, and indeed how we lead our daily lives.

(a) For example, the mRNA vaccine technology.  Not only was this prevalent in COVID-19 vaccines during the pandemic, it also today holds promise for highly personalised, customised cancer vaccines and gene therapy treatments. Covered by over 2,300 patent families worldwide, the market value for mRNA therapies is forecasted to grow by over 2.5 times, to reach over US$31 billion by 2030.

(b) As for generative AI (GenAI), I am sure you know how much it has transformed our lives and made our speeches easier to write, not that this speech was written by GenAI!

(i)          But GenAI is increasingly accessible, allowing businesses to operate more efficiently, providing individuals with tools, with access to the level of technology that maybe just five or ten years ago, could not have been dreamed of. And today, we have democratised technology in almost a mass market way.

(ii)         There are over 48,000 patent families filed worldwide on GenAI and this number is growing rapidly as we speak.

(iii)       McKinsey estimates that GenAI could boost global productivity by a staggering US$2.6 trillion to US$4.4 trillion annually. To put that in perspective, that is roughly five to nine times Singapore’s GDP, and Singapore’s GDP is no slouch for a small country.

Empowering Singapore’s Innovators

13        What about us in Singapore? How do we look at this landscape? How do we marshal our resources? What are we doing? Well, Singapore clearly recognises IP’s growth potential, and we know that we have to marshal IP so that it can be a significant driver for our economy, not just today, but for tomorrow.

14        We are committed to fostering a thriving environment for innovation. By nurturing a robust IP ecosystem, we can empower our businesses to really take advantage and harness the potential of IA and IP. As I said, not just for economic growth, but overall, for the betterment of society.

15        To do this, we launched a roadmap called the Singapore IP Strategy 2030 (SIPS 2030) three years ago. One of the key pillars of SIPS 2030 is to provide tailored support in a customised solutioning way for creators and businesses to help them leverage IA and IP for growth.

16        While we have made significant progress, we do need to constantly adapt and address new issues in emerging sectors. Today, the economy is growing and evolving at such a breakneck speed.

17        We have industries, we have jobs that we have not seen in the past decade, emerging because of technology and innovation. So what we need to do is we need to completely keep ahead of this development. we need to evaluate, we need to adapt, and then we need to ourselves evolve to keep pace with this innovation. Let me highlight a few of our recent initiatives and our partnerships:

(a) The creative industry is one where GenAI has had a profound impact. GenAI, while offering incredible new tools for the way we look at stage productions, the way we make music, the way we do creativity on stage, off stage, on the wall, visual impact, and so on, but it also poses fresh new challenges.

(i)          Creators are now grappling with complex issues around IP ownership of AI-generated works and the potential for unintended infringement.

(ii)         To help them turn these challenges into opportunities, IPOS will be partnering with the Visual, Audio, Creative Content Professionals Association of Singapore (VICPA), to offer training and resources. The motto really is, if you can't beat them, join them, come together, work together, to find a way to harness Gen AI, to turn them into creative engines for the creatives in Singapore.

(b) Start-ups, of which we have seen a lot of in Singapore in recent times, face their own set of hurdles. Often the limitation is size and scale, limited by resources. Many also lack awareness about the role that IP can play in their growth. Who knows, you might find another Thomas Edison somewhere within one of these startups!

(i)          But they struggle with the complexities of IP management and protection. Recognising this, IPOS International started the IP Start initiative in 2022.

(ii)         The IP Start Initiative, developed together with business incubators and accelerators, provides essential IP training.

(iii)       To date, the program has signed on 20 incubators, and through them, we have supported over 400 start-ups and counting.

(c) Even established businesses, on the other end of the spectrum, have also taken steps to safeguard their IA and IP. Whilst we sometimes assume that the larger the company, the larger the business, the easier it is for them to protect their IP, that is not always the case.

(i)          So we remain committed to expanding our network of industry-relevant partners, reach out to more diverse sectors, and find ways to meet their evolving IP needs.

(ii)         Take for example, IPOS International. They partnered with the Maritime and Port Authority of Singapore (MPA) to better serve the maritime sector.

(iii)       What they did was they curated a set of specialised training modules for the PIER71 start-ups, as well as MPA officers. Working together, this collaboration improves R&D decision-making and also better equips maritime start-ups to compete globally.

18        Besides providing direct support in the way I have mentioned, directly to small and established businesses, another key thrust of SIPS 2030 is to develop a generation of skilled IA and IP workforce, to have talent in Singapore, to continue to serve the market in Singapore, to meet the growing needs of our enterprises.

19        Last year alone, the IP Academy conducted over 200 courses and trained more than 7,800 professionals, ensuring that businesses can easily connect with the right businesses, the right opportunities, and also the right professionals. Being able to help these businesses on their path is equally important.

20        So, we launched the GoBusiness IP Grow last September. Jointly developed by IPOS, the Ministry of Trade and Industry (MTI), and the Government Technology Agency of Singapore (GovTech) to combine IP with commerce and trade, and also with technology. This has become an online marketplace for IA and IP services, which serves really as a one-stop portal to help enterprises navigate and better understand their IA and IP needs, and also at the same time, easily connect with relevant service providers that can help them along their journey. To date, the platform has facilitated over 1,800 requests from users looking to get in touch with the listed service providers.

Forging a Collaborative Future for IA/IP

21        These are some examples of what we are doing in Singapore under SIPS 2030 in our domestic market. But while these efforts are important, we recognise that in today’s highly interconnected global world, the challenges facing the IP ecosystem really demand global cooperation.

22        As a small city-state, we firmly believe in the power of multilateralism, and we are very proud and honoured to be able to actively participate in and support the good work of the World Intellectual Property Organization (WIPO). All of these programmes are founded on openness, transparency, strong governance, and anchored on the rule of law.

(a) We have seen firsthand for ourselves how WIPO brings countries together to find common ground and make real progress on global IP matters – allowing everyone to level up, including those who might be less dependent.

(b) One example is the recent and historic new Treaty on Intellectual Property, Genetic Resources and Associated Traditional Knowledge passed earlier this year. This is no small achievement, culminating nearly 25 years’ worth of negotiations, reflecting the collective commitment towards multilateralism and also paves the way for a more inclusive global IP system.

23        Singapore looks to play its part on the world stage and be an active contributor where we can, on a global, regional, and also on bilateral levels.

24        On the global stage, we actively strive to do what we can to contribute in ways that we can.

(a) Talent development has always been one of Singapore’s strengths. I am very pleased to announce a new partnership between IPOS International’s IP Academy and the WIPO Academy. Together, the combined strengths and resources of these two academies will allow us to focus on accelerating IA and IP talent development around the world over the next five years through executive training programmes.

(b) Another one of Singapore’s strengths is our position as a world-class hub for meetings, incentives, conferences, and exhibitions, much like what we are doing here.

(i)          Our extensive international connectivity allows us to host global forums like IP Week and also other associated events, to bring the community together to connect, to share, to network, and to know who’s who as well.

(ii)         This year, we are thrilled to welcome over 4,000 thought leaders, legal experts, innovative businesses, and policymakers from around the world.

25        Coming a little bit closer to home, around the ASEAN region, connecting to ASEAN, working with the rest of our ASEAN neighbours is an important priority for us. Within ASEAN, Singapore has been working very closely with other member states to improve access to IP information and services.

26       If you think about it for a moment, there is no reason not to be optimistic about ASEAN. ASEAN has a population of 670 million collectively. More than half of this 660 million are 35 years old and below – a young, diverse population. The number of new entrepreneurs, new unicorns in ASEAN has been growing at a tremendous rate. So there is tremendous potential. What we have been doing is to work together with our neighbours on various initiatives.

(a) For example, building on the Intangibles Disclosure Framework (IDF) launched last year, IPOS is collaborating with the Singapore Exchange (SGX Group), WIPO Singapore Office (WSO) and the Stock Exchange of Thailand (SET) on the Foundational Intangibles Disclosure (FIND) pilot programme. Together with the Stock Exchange of Singapore and Thailand, coming together to look at how intangibles need to be disclosed, how they are then valued. And it is only when we can find a common international language or platform that recognises this, that you can then begin to start trading in it, valuing it, and then leveraging it for financing.

(i)          This initiative amongst others will provide illustrative as well as practical examples of the disclosure framework as applied to listed companies in Singapore and beyond.

(ii)         One of the struggles now is to find a way to properly and fairly valueIA. If you can find a framework that allows companies to trade confidently, cross-border, have commonality and a baseline in the system, I think this will help to drive intangibles forward. Indeed, I believe that by promoting more effective and consistent communication of IA and IP, socialising these ideas, getting people interested in it, developing expertise in the valuation space, companies will be able to better manage, commercialise, and extract value from them.

27   Finally, strong bilateral partnerships are also crucial for advancing IP cooperation.

(a) This year, we are very pleased to announce the expansion of our ongoing collaboration with the Department of Intellectual Property (DIP) of the Lao People’s Democratic Republic (Lao PDR).

(i)          Currently, holders of Singapore registered patents already benefit from expedited protection in Lao PDR through a simple re-registration process. This helps tremendously. When you go into Lao PDR, you do your re-registration, cuts down on expense and more importantly, cuts down on time.

(ii)         Building on this success, we are extending it to Singapore registered design holders, allowing them swift access to the Lao PDR market through a similar re-registration process as well.

WIPO-IPOS IP For Innovation Awards Winners 2024

28   Finally, before I end, I want to say a few words like Rena did on the innovation award winners for this year. As we look forward to developing, harnessing and commercialising IP in the foreseeable future, it is also useful to take a few moments to celebrate our successes today. I am delighted to introduce some of the innovative local enterprises who are the winners of this year’s WIPO-IPOS IP For Innovation Awards and WIPO National Awards.

29   This year’s IP Awards spotlights exceptional innovation across diverse sectors from nanotechnology to mother care, robotics to semiconductors, some more traditional in this space than others. But as leaders in their respective fields, each of our awardees have contributed significantly to advancing and also shaping global industries, demonstrating the profound impact of a robust IP management system in Singapore. Some of the highlights include, and I will leave you to work out what they do when they win their awards:

(a) Nanofilm Technologies;

(b) Hegen, with the world’s first relaxation breast pump, serving working mothers;

(c) Otsaw Digital, which has disrupted the security, healthcare, and logistics sectors with over 1,000 autonomous robots; and

(d) Zero-error Systems.

30   Each of their stories will inspire even more local entrepreneurs to take that bold step, to become inventors, to become innovators. But doing it in an environment that is comfortable and safe, that ensures that their systems, their innovations and their ideas are protected.

Conclusion

31   As I conclude, let me come back to some of the overarching theme of IP Week2024 – Ideas to Assets: Forward Together with IP. Singapore remains firmly committed to a multilateral, open system anchored on rule of law. By working together — sharing knowledge, fostering collaboration, overall supporting innovation — we can collectively advance the IP ecosystem to address global challenges and build a stronger, more innovative and more effective IP system for everyone.

32   So, over the next few days, I encourage all of you to seize the opportunity. In this room alone, you have perhaps the world’s best thought leaders and people who drive the IP ecosystem from around the world. I think it is an opportunity to engage in insightful, fruitful discussions, forge meaningful connections and explore new collaborations. It is through this collective effort that we can move forward as a community, confront the evolving challenges, allow all of us within this landscape to level up, and move forward together with IP.

33   After all, you know that there is an old saying, if you want to go fast, you go alone. If you want to go far, you go together. That is really the theme of this year’s IP Week, for us to come together, to use IP, to leverage each other’s strengths, and collectively become stronger than some of our parts, so that we can see a far stronger IP ecosystem, not just in Singapore, or the region, but in the world.

34   Thank you very much.

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