MOIP to fuel Korea’s next leap: minister

South Korea’s newly upgraded Intellectual Property Ministry is positioning itself at the center of the country’s economic strategy, as policymakers seek new engines of growth in an era defined by artificial intelligence, technological rivalry and shifting global trade dynamics.

In a recent interview with The Korea Herald, Intellectual Property Minister Kim Yong-sun said the elevation of the former patent office to a ministry reflects a fundamental shift in how the government views intellectual property — no longer as a narrow legal domain, but as a core pillar of economic competitiveness.

“As economies become more knowledge-based, intangible assets are taking up a growing share of corporate value,” Kim said, citing data showing such assets accounted for about 90 percent of the S&P 500’s value in 2020, up from just 17 percent in 1975.

“In this context, strengthening intellectual property is essential for Korea to lead in the global economy,” he added.

The ministry is expected to take on a broader mandate than its predecessor, expanding its focus from patent examination to the full IP lifecycle — including protection, commercialization and monetization.

Kim described the ministry as the government’s “chief intellectual property authority,” tasked with coordinating policy across ministries and ensuring that IP contributes directly to economic growth and innovation.

“The goal is to turn ideas and knowledge into tangible national assets that improve people’s lives and drive innovation,” he said.

The move comes as South Korea faces mounting structural challenges, including slowing population growth and intensifying competition in advanced technologies such as AI, semiconductors and biotechnology.

A key role of the new ministry will be to act as a “control tower” for IP policy, linking previously fragmented initiatives across government into a unified national strategy.

Kim said this integrated approach is essential to unlock synergies between innovation, industry and finance — particularly as IP becomes more closely tied to corporate valuation and national competitiveness.

Since taking office five months ago, he has focused on restructuring the organization and overhauling working practices to align with its expanded mandate.

One early initiative is the launch of the Everyone’s Idea project, which aims to encourage public participation in innovation by helping individuals turn creative ideas into economic value.

At the same time, the ministry has moved to improve the efficiency of Korea’s IP system. Patent examination waiting times have been reduced, and the government has begun procedures to join the Patent Law Treaty, which would simplify filing processes and expand language flexibility for applicants.

Efforts to protect Korean IP abroad have also been strengthened, particularly in sectors such as food, beauty and fashion, where the global popularity of Korean brands has been accompanied by a rise in counterfeits and infringement cases.

Looking ahead, Kim outlined five key policy priorities: startup growth, regional development, faster examination, fair dispute resolution and economic security.

To support startups and early-stage companies, the ministry plans to offer integrated support covering the full innovation cycle — from securing IP rights to commercialization and financing.

It also aims to foster 100 regionally rooted “K-brands,” linking IP to job creation and income generation in local economies, while building infrastructure such as regional IP support centers.

Improving the speed and quality of patent examination is another priority. The ministry plans to expand examiner headcount and introduce AI-powered systems to reduce patent review times to under 10 months by 2029.

To strengthen fairness, it is also preparing to introduce a Korean-style discovery system to improve damage compensation in IP disputes, alongside faster and lower-cost dispute resolution mechanisms for startups and smaller firms.

Kim stressed that IP is increasingly intertwined with economic security, particularly as global competition intensifies over critical technologies.

The ministry plans to expand investigative capacity to address technology leaks and broaden enforcement powers to cover overseas cases involving core technologies.

International cooperation will be a key pillar of the ministry’s strategy, particularly as Korean companies expand overseas.

Recent agreements with Singapore and the Philippines aim to deepen collaboration in areas such as AI-driven IP systems, enforcement against counterfeit goods and cross-border data sharing.

Kim noted that Korea already ranks among the world’s leading IP powers, with the fourth-largest number of patent applications globally and top rankings relative to population and gross domestic product.

However, he said the next challenge is to translate that scale into economic returns.

“We need to move beyond being strong in numbers to becoming strong in value,” Kim said.

The ministry aims to increase the share of overseas patent filings by Korean companies and ultimately turn the country’s IP trade balance into a surplus.

“Intellectual property must become a key driver of Korea’s next leap forward,” he said.