Saudi Gazette report

RIYADH — Minister of Commerce and Investment Majed Al-Qasabi, chairman of the board of directors of the Saudi Intellectual Property Authority (SIPA), on Thursday launched the strategy of the authority, its plan and identity during a meeting of its board of directors here.

The launching of the strategy coincided with the World Intellectual Property Day, observed every year on April 26.

The main features of the strategy are based on a number of themes, which are: preparing and following up the implementation of a national strategy for the intellectual property rights, modernizing and updating the rules and regulations of the intellectual property rights, providing the products and services of the intellectual property rights with quality and high standard, increasing awareness about it, providing data on the intellectual property rights, cooperation with the other concerned bodies for its execution and defending the Kingdom's rights in this regard.

During his speech before the board of directors, Qasabi underlined the important role of the SIPA in inventions and in encouraging creative entrepreneurs.

He said the authority would preserve the property rights in order to develop the SMEs and to improve the investment and commercial environment in the Kingdom so as to attract foreign investments.

"The Kingdom should be an international pioneering role model in the protection of the property rights so as to achieve its Vision 2030," he said.

Qasabi said the best international practices were considered while formulating a strategy for the SIPA to protect competitiveness in the Kingdom and help boost the national economy to become one of the strongest economies in the world.

The SIPA was one of the ministry's initiatives within its National Transformation Program 2020 to facilitate business, encourage investments and raise the indicator of competitiveness.

The board decided the priorities of the SIPA during its first meeting held in Riyadh on 15-3-2018.