RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of the National Intellectual Property Strategy to support the Kingdom’s economy based on innovation and creativity.  

By establishing an intellectual property value chain that supports economic growth, the Kingdom is set to become a pioneer in the field in line with the Saudi Vision 2030, Saudi Press Agency reported.

“We have minds and energies that are passionate about innovation and creativity, and by enabling them, the Kingdom will be a fertile environment for the knowledge economy through an integrated intellectual property system that supports the development of innovative technologies and industries and contributes to the growth of enterprises,” SPA said, citing the Crown Prince.

The National Intellectual Property Strategy is based on four basic pillars: Generation, management, commercial investment, and protection of intellectual property.

The generation of intellectual property came as one of the pillars of the strategy due to its high importance and its contribution to enhancing the Kingdom’s ability to generate intellectual property assets of economic and social value.

The management pillar aims to elevate the value of intellectual property by establishing a rapid, high-quality system for its registration to ensure effective management of human creativity.

The commercial investment will contribute to the growth and attraction of investments in the Kingdom. This comes in light of the Kingdom’s investments in future cities and projects based on innovation and creativity, such as The Line and NEOM, and its distinguished geographical location and strong digital infrastructure.

Meanwhile, the protection of intellectual property pillar aims to activate the market economy through the protection of intellectual property. It works on respecting intellectual property rights and enhancing the value of their protection for creative rights.

In an attempt to achieve these pillars, work will be done to boost cooperation and integration between national entities as a key partner to back the objectives of the new strategy.

“The national strategy for intellectual property will also enable stimulating investment, creating high-quality jobs and raising awareness of human rights, creators and innovators,” the Crown Prince added.