10.2 trillion won earmarked for IP investment by 2016



The government will invest 10.2 trillion won ($8.9 billion) by 2016 in the country’s intellectual property capabilities, the Presidential Council on Intellectual Property announced Tuesday.

The figure was included in the national intellectual property plan approved by the council Tuesday.

Plans for executing the measures will be drawn up from plans submitted by 21 concerned government ministries and 16 major regional governments. The action plan will then be put to the council at its third meeting, scheduled for January.

According to the council, the plan reflects the government’s strategy for converting Korea into a “knowledge-based society” in five years starting next year.

“Korea needs to convert the creativity of its citizens into intellectual property, which in turn should be used as an engine for national development,” said Prime Minister Kim Hwang-sik, co-chair of the council.

The plans, drawn up in accordance with the Framework Act on Intellectual Property enacted in May, are divided into five policy directions -- intellectual property creation protection, application, establishment of social foundations for supportive policies, and systemizing the creation and protecting “new intellectual property.”

New intellectual property refers to a wide range of items including newly developed varieties of farm products, biotic resources, publicity rights and television program formats.

The plans also call for the government to more closely track and manage pirate copies of copyrighted materials and establish a system for protecting Korean intellectual property rights in overseas markets. According to the council, copyright infringement reduces the market by about 2.1 trillion won on an annual basis.

Regarding the lack of legal cases leading to monetary compensation, the council will seek ways to make the dispute settlement system more efficient.

By Choi He-suk
(cheesuk@heraldcorp.com)