Riyadh, December 22 (QNA) - The Saudi Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud launched the National Intellectual Property Strategy (NIPST), which is one of the enablers for achieving the objectives of Saudi Vision 2030.

In statements quoted by Saudi Press Agency (SPA), Saudi Crown Prince affirmed his aspirations to stimulate creativity and innovation in the Kingdom of Saudi Arabia for the next five years through the National Intellectual Property Strategy "We have minds and energies passionate about innovation and creativity, and by enabling them, the Kingdom of Saudi Arabia will become a vibrant environment for a knowledge economy based on an integrated Intellectual Property ecosystem that develops innovative technologies and industries, and contributes to growth of enterprises," he stressed.

SPA stated that the Strategy is based on four fundamental pillars: IP Creation, IP Administration, IP Commercialization, and IP Protection. In order to achieve these pillars, the cooperation and integration with national stakeholders will be strengthened as key partners to support innovation, creativity, and investment growth worldwide through NIPST objectives, which enhances Saudi Arabia capabilities to create IP assets of economic and social value.

(QNA)