Effective intellectual property and patent system attracts investment

Saturday 17/April/2021 16:35 PM
By: Times News Service
Effective intellectual property and patent system attracts investment

Muscat: The existence of an effective intellectual property (IP) and patent system enhances the attraction of investments in accordance with Oman 2040 Vision, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) said.

This effective system will help to achieve the objectives related to the performance and provision of high-quality government services and the Ministry's vision of creating a competitive business environment.

This IP and patent system will promote growth and economic diversification and will also help the private sector to attract investments.

This will also help in contributing a possible tool for companies and projects based on new technologies and methods that are transformed into assets that can be used commercially and industrially.

“In light of the intense global competition between companies to provide products and services that meet the needs of the markets, it is imperative for these companies to keep abreast of developments and rapid changes in the economic environment by adopting new strategies by exploiting opportunities presented by technological advances,” Khalid bin Hammoud Al Hinai, Head of the Patents and Industrial Designs Department at the Intellectual Property Department at the Ministry of Trade, Industry and Investment Promotion, said.

“Therefore, creativity and innovation are essential elements for excellence in the products and services provided by companies to improve quality, raise efficiency and reduce costs. This will enable companies to meet the changing needs of consumers and expand into new markets,” he added.

Engineer Al Hinai said that inventions, experiences, knowledge, trademarks and goodwill gained by companies as intangible assets are economic resources that contribute to raising their market value.

This will greatly affect their commercial business and over time will help to attract customers and gain their trust and loyalty in providing quality products and competitive prices.

Therefore, companies and investors seek to protect new technologies in their products and services to prevent infringement by competitors, he said.

Engineer Al Hinai said that the Ministry through IP in general and patents in particular seeks to popularise knowledge and encourage registration of new technologies, products or industrial methods that improve quality, increase efficiency or reduce costs in multiple areas.

The number of patent applications rose in 2020 to 532 applications compared to 2019, he said.