KUALA LUMPUR: Malaysia is strengthening its laws, application delivery system and enforcement on intellectual property in a bid to pave the way for the implementation of the Trans-Pacific Partnership Agreement (TPPA), said Prime Minister Datuk Seri Najib Tun Razak.
He said the intellectual property sector not only plays an important role in the country’s socioeconomic development, but also a vital chapter in various international agreement such as the TPPA as well as the Malaysia-European Union Free Trade Agreement.
“To fulfil the (criteria of the) TPPA, the Intellectual Property Corporation of Malaysia (MyIPO) is taking necessary measures to improve the delivery services system in applying for intellectual property within the country, including boosting the legal system and the enforcement of intellectual property,” he said in his speech, which was read by Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainudin.
Hamzah read the speech text during the National Intellectual Property Award 2016, which is aimed at recognising innovators who contribute towards generating intellectual property, at Putra World Trade Centre (PWTC) Tuesday.
Najib said the Government has several measures, including to establishment of the Intellectual Property Fund, to further assist local creators and innovators in having exclusive control over their intellectual property.
“So far, the response has been good, with over 381 applications accepted to the fund and has reached beyond our own expectations,” he said.
The Prime Minister said there are also plans between MyIPO and banks associations, Bank Negara Malaysia and capital ventures to launch a special scheme to enable intellectual property assets to be used as an instrumental collateral in businesses.
“The implementation of a payment system using intellectual property has been proven in many countries such as the United States, Europe, China, Korea, and Japan. I urged financial institutions and banks nationwide to take proactive steps to ensure that such initiatives can be implemented,” he said.
At the event, MyIPO launched the IP Funtastic Programme Module as part of its education and awareness initiative towards youth entrepreneurship on intellectual property, and the IP Portal, targeted for youth to share and discuss their innovative ideas.