Public awareness over intellectual property on the rise

KUALA LUMPUR: Public awareness over intellectual property (IP) rights is on the increase as evidenced by a 6% growth in applications to register these rights last year compared to 2013.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek, who said this, added that IP registrations also went up by 2% for the same period and this is an encouraging sign.
There were 41,638 applications made in 2013 compared to 44,241 last year, he said, noting that this was in line with the projected national economic growth for 2014.
He was speaking at a ceremony to present excellent service awards to 37 staff of the Intellectual Property Corporation of Malaysia (MyIPO) here today.
He said IP is a new key source of wealth for the nation in future, and despite encouraging signs, more awareness needs to be raised, especially among local businesses and SMEs.
“So far there have been greater levels of enthusiasm for IP rights among international companies registered in Malaysia,” he said, adding that locals would be wise in following suit.
He also said many local businesses are beginning to believe in using their IP rights as a source of capital and/or leverage.