Today, We live in an economy where ideas generated by people and the inventions they make are the new currency. Possession of land, labour and capital are just not enough for a country to succeed. Creativity and innovation are the new drivers of the world economy. Research and innovation are now seen as the key differentiatingfactors determining the market value of a product or service. The policies adopted by a country shall determine the nation’s growth and further how it is developing the trapped intellectual capital.
An effective intellectual property system is the foundation of such a strategy..The emphasis today has graduated from cost arbitrage and quality deliverables to IP creation and R&D.
Within knowledge-based, innovation-driven economies, the intellectual property system is a dynamic tool for wealth creation providing an incentive for enterprises and individuals to create and innovate; a fertile setting for the development of, and trade in intellectual assets; and a stable environment for domestic and foreign investment.
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