Singapore is the best in Asia for intellectual property protection and the second best in the world, the Intellectual Property Office of Singapore said Friday, citing a report by the World Economic Forum.

The latest Global Competitiveness Report, with intellectual property protection as one of the criteria, covered nearly 150 countries and regions. It is the third year in a row for Singapore to retain the top ranking in Asia.

Singapore's Intellectual Property Office said its business- friendly intellectual property regime has bolstered business confidence of international conglomerates and attracted long-term investment in research and development by multinationals.

Singapore came in the second place in the overall global competitiveness ranking, trailing Switzerland. China's Hong Kong was the seventh, while Japan came in the 9th.