The Intellectual Property Office of Singapore (IPOS) has taken a giant step in signing an agreement with the Kazakh finance ministry and the Astana Financial Services Authority (AFSA) to develop a comprehensive IP ecosystem within the Astana International Financial Centre (AIFC).
This was disclosed in a press release published by the Intellectual Property Office of Singapore (IPOS) and made available to the public.
According to the statement, the agreement is aimed in ensuring the two companies cooperate more closely on IP matters.
The Chief Executive of the Intellectual Property Office of Singapore (IPOS), Daren Tang reportedly said that “as the economic ties between our countries and regions grow, we have found a collective interest in using IP and innovation to drive high value economic growth”.
“Our partnership with AFSA and the Ministry of Justice of Kazakhstan is testament to Singapore’s growing importance as a global hub to service innovation flows and support innovative enterprises to grow through the strategic use of their intangible assets and IP” Tang reportedly added.
The agreement terms of the memorandum of understanding reportedly states that :
“IPOS will lend its deep IP expertise and services as a partner and advisor to the AIFC in building its IP and innovation ecosystem”.
The statement added that IPOS would also provide IP management consultancy services and training programmes as part of the deal.
The two countries are currently participating in negotiations on a Eurasian Union-Singapore Free Trade Agreement, which includes provisions on IP rights owning to the fact that the trade between Kazakhstan and Singapore has tripled over the last decade.
The Chief Fintech Officer at Astana Financial Services Authority (AFSA), Assylbek Davletov reportedly said that “the cooperation arrangement is an important milestone in AIFC’s ambition to develop an advanced IP ecosystem and to be a leading player in the Eurasian region in the field of IP protection which encourages regional companies to use AIFC as a base for launching their innovative products and services”.
It will be recalled that in November last year, a bilateral investment treaty between the two countries was signed.