KUALA LUMPUR, Sept 10, 2015:
Banking institutions must develop the capacity to evaluate projects based on intellectual property (IPs) apart from traditional sources of income, says Prime Minister Datuk Seri Najib Razak.
He said this was because intellectual property rights was among the most important components that was given priority to in international negotiations.
“This is why it is evident that intellectual property possessed high value.
“Sometimes, the negotiations stretch on for long periods because they are given a lot of attention from other countries,” he said during the National Intellectual Property Awards 2015 ceremony at the Putra World Trade Centre today.
The award ceremony was organised by the Intellectual Property Corporation (MyIPO).
Also present were Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi, and Domestic Trade, Cooperatives, and Consumerism Minister Datuk Hamzah Zainuddin.
Najib said efforts by the government to consolidate the eco-system for the rights has also shown results as it had achieved 6% expansion of registrations annually.
However, he said only 42% of the total registrations for rights were local and this was why awareness on the matter needed to be raised.
“MyIPO had found that the lack of funding prevented the proprietors from filing their intellectual property.
“I have also asked all parties, especially Malaysian companies, to sponsor the commercialisation of projects or to help market them.”
At a press conference after the ceremony, Hamzah said the government will engage the banks to find out how they can categorise the IPs in order for the developers to obtain funding.
“We must find ways to create value and monetise the IPs,
“This means we must also form a task force to look into the matter and create a bridging for studies on products with the financial institutions.”
He added the banks were keen to take part in the initiative, only that the government was seeking methods to evaluate the IPs.
“When there is a final evaluation, they (IP owners) can use it as collateral and banks can give out small loans.”