SINGAPORE: A new 10- year master plan aimed at developing Singapore into a global Intellectual Property (IP) hub was unveiled Monday.

The master plan, which was formulated by an IP Steering Committee, was revealed by the Ministry of Law after the government accepted the committee’s recommendations.

The committee, which is led by MediaCorp chairman Mr Teo Ming Kian, was formed in May 2012 after the government identified IP as a key driver of global economic growth.

Among the recommendations outlined in the master plan includes a call for Singapore to be an international hub for IP transactions and management.

The committee also recommended boosting the quality of IP filings as well as IP dispute resolution in Singapore.

To achieve these outcomes, the committee said that Singapore should develop skilled manpower resources networked to the region and beyond, as well as create an environment suitable for IP activities to strengthen Singapore as a vibrant IP hub.

There is also an increasing need to have ideas and knowledge to move up the value-added chain in the economy, said Mr Teo.

"We have gone through the phases of the labour intensive, skill intensive, capital intensive sorts of economic development. To get to the next level, you really need knowledge, you really need to exploit ideas. And this is where I think the committee feels that Singapore has a role to play," he added.

He also said that Singapore’s strong legal and financial system was an advantage.

"We are well trusted because we have rule of law. We have (the) consistency of policies to protect properties, tangible or otherwise. We are a very effective and efficient business and financial centre... I don't think there are many other countries who can lay claim to (having this combination of factors)."