Investment in Intellectual Property Aims to Boost Innovation and Growth in Saudi Arabia


Summary: The Kingdom of Saudi Arabia has launched a National Intellectual Property Strategy with the goal of promoting innovation and technological progress in the country and contributing to the growth and diversification of the national economy.

RIYADH, Al-Sahfa–(Newsfile Corp. – 5 January 2023)–In the latest development, Saudi Arabia has announced a National Intellectual Property Strategy (NIPST) has started. right. In terms of financial impact, within five years she is expected to reach R4.11 billion. The country has a favorable investment climate for knowledge-based industries and has a legal framework in place to protect intellectual property rights and attract foreign investment in innovation-based projects.

In addition, the newly formed policy aims to promote innovation and technological progress in the country, contribute to the growth and diversification of the national economy, and create high-level employment opportunities in highly technological sectors. .

The country has a favorable investment climate for knowledge-based industries and has a legal framework in place to protect intellectual property rights and attract foreign investment in innovation-based projects. The Saudi Intellectual Property Office was established to administer the registration and protection of intellectual property rights. The National Intellectual Property Strategy includes measures to encourage and facilitate the creation, management, commercialization and protection.

Since being launched by Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council on Economic Development Affairs, NIPST aims to boost innovation and technological progress in the country. increase. , management, commercialization and protection of intellectual property rights.

Saudi Arabia’s favorable investment climate and legal framework are expected to attract foreign investment in innovation-based projects.

NIPST is based on four pillars.

  • The Intellectual Property Creation Pillar aims to support young domestic talent and enhance the creation of high-value national intellectual property assets.

  • The Intellectual Property Management Pillar aims to establish a rapid and high-quality registration system to improve the value of intellectual property and effectively manage human creativity.

  • Pillars of IP commercialization contribute to the growth and attraction of investment to the Kingdom.

  • The IP Protection Pillar aims to stimulate the market economy through the protection of creative rights.

To achieve these pillars, NIPST aims to strengthen cooperation and integration among national agencies as a key partner in supporting its objectives. Each pillar has an initiative assigned to an agency and is regularly measured according to a governance framework that defines roles and responsibilities.

As a result, the kingdom is focusing on diversifying its economy to attract more investment through the development of new projects such as the $500 billion future city of Neom.

Company Name: Saudi Intellectual Property Office
Contact Name: Hara adb
Email: info@saip.gov.sa
Website: https://saip.gov.sa/
Country: Riyadh 13321, Al Sahafa District, Olaya Street 6531, 3059

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150427.



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