Associate Professor Ho Peng Kee
Senior Minister of State for Law and Home Affairs
Distinguished guests
Ladies and gentlemen
1. On behalf of the Intellectual Property Office of Singapore, let me extend a very warm welcome to you to APEC Trading Ideas 2009. I am heartened to see many familiar faces in the audience who attended Trading Ideas 2007 with me in Sydney. I recall the engaging debates we had with many renowned international experts on the future of intellectual property in Asia.
2. Two years on, we meet under very different circumstances in Singapore. The present global economic downturn and an uncertain market outlook have severely dampened business prospects all round. Fewer licensing and franchising opportunities, smaller R&D budgets to support innovation and venture capital shortfall are just some of the problems that have slowed down IP acquisition today. In a way, this symposium is timely for us to consider and debate on the opportunities in the intellectual property landscape to help businesses in these difficult times.
3. In my view, intellectual property remains an important element in today’s business equation. IP commercialization will carry the usual risks, especially in times of economic uncertainty. However, the current crisis notwithstanding, systemic fundamentals have not changed. For some time now, sources of wealth creation have shifted from extraction of tangible assets towards the development of intellectual capital. This change is gathering pace, even during down times. Intellectual property provides the key to maximizing opportunities arising from that shift. Taken together, innovation remains essential for sustainable long-term growth, with intellectual property at the very heart of staying ahead in the knowledge economy.
4. In short, intellectual property continues to provide companies with the edge in their products and services in an ever competitive international market. While companies are currently preoccupied with measures to tide over short term difficulties, it is important that they identify and pursue an effective IP strategy that can promote innovation and sustain long-term business viability. This will help position themselves in the market when the economy recovers.
5. The Trading Ideas Symposium is a key Asia-Pacific forum, providing businesses with insights and ideas for developing intellectual property strategies for growth. The 2007 Sydney meeting was remembered for its robust dialogue on the future for business and government in relation to intellectual property, a key pillar of the knowledge economy of tomorrow.
6. Trading Ideas 2009 Singapore will continue to focus on this theme but with the backdrop of the current economic situation and the emerging issues of the digital age woven in. In continuing with the tradition of excellence established at the Sydney Trading Ideas Conference, we have with us leading international IP experts, professionals and successful IP business strategists for two days of presentations and discussions on the changing IP environment and its impact on business. Similarly, we are also honoured by the presence of many IP policy and thought leaders, who will share with us their take on various current IP issues and new policy directions.
7. Before I conclude, allow me to thank IP Australia for the support they have given us in hosting Trading Ideas 2009 in Singapore. The experience and advice they have shared with us has been invaluable in our organizational efforts. I’d also like to thank the Hong Kong SAR, Indonesia, the Philippines, Vietnam and Thailand for co-sponsoring our proposal at the APEC IP Experts Group Meeting to host this event. Let me also thank the many speakers, foreign and local, for taking time off their busy schedules to be with us today, and for our sponsors and supporting organizations for their support and contributions in making TI2009 Singapore possible.
8. On this note, let me conclude by wishing everyone here a fruitful and productive symposium.