The Republic has retained its ranking as the first in Asia and second in the world for Intellectual Property (IP) protection, according to the World Economic Forum's Global Competitiveness Report 2014-2015. This is the fourth consecutive year that Singapore has retained its position in IP protection.
In a media statement released on Friday (Sep 12), the Intellectual Property of Singapore (IPOS) said IP protection effort in Singapore has made steady progress through the past decade. In the 2006-2007 report, Singapore was ranked ninth worldwide, while in the 2010-2011 edition, it inched up to clinch third place.
IPOS added that as a result of the strong IP regime in Singapore, the confidence of leading global companies - including Procter and Gamble, Continental, and Mead Johnson - was bolstered. These firms cited the country's strong protection of IP rights as a factor in their decisions, it said.
According to IPOS, Singapore was estimated to have over 600 franchising systems with more than 40,000 franchisees in 2012, in the area of franchising and licensing. It accounted for 18 per cent of total domestic retail sales volume, which is integral to the flow of commerce and foreign investments into the country.