Intellectual property strategy to support knowledge economy

BUILDING KNOWLEDGE-BASED ECONOMY: The national intellectual property strategy makes the Sultanate an attractive investment environment at the region level

The National Innovation Strategy has played a major role in the establishment of an effective system which meets the aspirations of sustainable social and economic development, according to the Ministry of Commerce and Industry.

This strategy aligns with the Sultanate’s five-year plans, programmes and initiatives based on the idea of taking Oman to the level of Top 20 countries in the area of innovation and achievement of the objectives and the Oman 2040 Vision.

Fatima bint Khalfan al Balushi (pictured), a biotechnology patent specialist at the Intellectual Property Department of the Ministry of Commerce and Industry, said: “The speech of His Majesty Sultan Haitham bin Tarik was aimed at prioritising innovation and innovators in the country as they would be required in the next stage and would play a significant role in the sustainable development of the Sultanate of Oman, taking it to the league of the leading countries in the area of innovations, optimum use of human capital, natural resources and diverse products on which modern life depends.

She pointed out that the message of His Majesty the Sultan for various areas of science and innovation was a major support which would help the innovators in utilizing their intellectual capabilities and presenting them to the world in a way which would help Oman continue its successive achievements’’.

Fatima al Balushi further noted: “The Sultanate of Oman gives importance to all areas of intellectual property. It has stipulated rules and laws to regulate rights in all areas of intellectual property. This is because these are the areas which largely help in the development of the national economy and progress’’.

She said that the Sultanate was working in cooperation with the World Intellectual Property Organization (WIPO), which is a global player in the area of intellectual property. The Sultanate is utilizing expertise of its experts to formulate its own national strategy for intellectual property so that it can play the role of support to the factors of innovations and competitive capabilities of the products. This is through the use of intellectual property, financing of their products and development of innovative start-ups, in addition to revitalization of the market economy by improving the legal system of intellectual property and raising the level of respect for intellectual property rights in the Middle East.

The national intellectual property strategy makes the Sultanate an attractive investment environment at the region level. This is because it makes all types of businesses more sustainable and protected under law. The strategy helps in building a knowledge-based economy under the Vision 2040, said Fatima al Balushi. It increases the Sultanate’s ability to generate valuable economic assets in the field of intellectual property. Every country possesses wealth in the form of human capital; literary and artistic works; traditional knowledge; and genetic and biological assets. The strategy helps them get freedom under suitable environment so that they emerge as renewable and sustainable economy.

The Ministry has developed methods and means to spread awareness of the importance of protecting inventions. It has made a format of patent drafting, provisional protection, initial research and how to address supportive institutions. It has also reduced fees for filing of patent applications by 90 per cent for academics, students and researchers in research centers and 50 per cent for owners of institutions and associates for entrepreneurship and the Raffd Fund. This is to make the process of registering applications with the Intellectual Property Department at the Ministry of Commerce and Industry easy.

She also said that RO 20 was the lowest fee for patent applications for schools, colleges, universities and research centers students, according to the reduction decision number 206/2018. She said that intellectual property protection was key to innovation in the environment of strong competition and open markets. It is required for their development.