Cabinet endorses IP strategy

THE National Executive Council has endorsed the Papua New Guinea intellectual property (IP) strategy in its integration into the national development initiatives. Deputy Prime Minister and Commerce and Industry Minister Sam Basil said the objective was to create benefits for the people by facilitating and encouraging the greater use of the IP system.
“These benefits will emerge from the greater use of the IP system to manage and exploit the intellectual property they create,” he said. “Over the years, the Government has realised the importance of establishing an adequate and balanced intellectual property and one that fuels innovation and creativity. “These benefits will emerge from the greater use of the IP system to manage the intellectual property they create. “This will ensure that those who create new intellectual property in PNG are able to derive a fair reward from those who use that intellectual property. “Achievement of this primary objective will also boost PNG’s intra-national and international trade encouraging increased activity, economic growth and prosperity.” The increased use of the intellectual property system is to:

• PROMOTE creative and innovative activities in all sectors;
• INCREASE the level and forms of protection of intellectual property assets generated in the public and private sectors and academia;
• STIMULATE research and development activity, technology transfer and commercialisation in productive sectors;
• FACILITATE increased entrepreneurial activity nationally; and,
• PROTECT, enforce, preserve, conserve and use cultural heritage to achieve sustainable and responsible economic development and national prosperity.

“While Papua New Guinea is heavily dependent on the non-renewable resources, there is a need to embrace the power of innovation and creativity as a tool for economic development and support the development of an effective intellectual property system,” Basil said.