IP business needs to be promoted to achieve high income nation status

KUALA LUMPUR: Intellectual Property (IP) business in Malaysia needs to be promoted for the country to achieve the high income nation status by 2020 said the Domestic Trade, Cooperative and Consumerism ministry.
Its secretary general Datuk Seri Alias Ahmad said the increase in IP business is already reflected in the value of Malaysia's top 100 brands which has increased significantly.
The average Malaysians have also realised the value and importance of IP as the number of applications made through the government's Intellectual Property Corporation of Malaysia have increased by a whopping 50.5% since 2004, said Alias.
The applications can be made either in person at the Domestic Trade, Cooperative and Consumerism ministry office or via the website myipo.gov.my
Intellectual property is the legally recognised exclusive rights to the creations of the mind. This includes inventions, literary, artistic works, designs and symbols.
Alias was speaking at the opening ceremony of the Conference on Intellectual Property Financing 2014 today.