"Korean Intellectual Property Finance Policy Announced"... Kim Wanki, Commissioner of the Korean Intellectual Property Office, Introduces at IP5 Heads Meeting

[Financial News] The Korean Intellectual Property Office announced on the 29th that Commissioner Kim Wanki attended the 18th Advanced 5 Intellectual Property Offices (IP5) Heads Meeting and Industry Joint Meeting held in Tianjin, China, on the 28th (local time).
 This meeting focused on cooperation projects to enhance the speed and user convenience of patent administration, such as patent examination and patent assignment, and discussed the impact of new technologies such as artificial intelligence (AI) on patent administration. Additionally, a report was made on the completion of the development of a common application form, which the Korean Intellectual Property Office has led as the first step towards introducing the 'Global Patent Assignment' system, which is in high demand by the industry. The Global Patent Assignment system allows a global patent holder to submit a patent assignment application once, and the assignment effect is recognized in all advanced 5 Intellectual Property Offices countries.
 The strategic theme of this year's meeting was 'Promoting the Utilization and Commercialization of Intellectual Property to Support Economic Innovation and Development,' and there was active exchange of opinions on related policies and future cooperation plans. The Korean Intellectual Property Office introduced Korea's excellent policies, including intellectual property valuation and technology transfer support, along with the forecast of the intellectual property finance scale doubling in four years (6 trillion won in 2021 → 12 trillion won in 2025).
 Meanwhile, the Korean Intellectual Property Office announced a report titled 'The Role of Intellectual Property in Supporting the Growth of SMEs,' which compiles support policies and statistics for SMEs from the five offices. This report is expected to be of great help to SMEs seeking to expand their market overseas, as it includes fee reduction policies and stage-specific support programs for SME growth from the advanced 5 Intellectual Property Offices.
 Commissioner Kim Wanki said, "This meeting addressed practical matters that benefit the industry, such as the global patent assignment common application form and sharing of each country's SME support measures," and added, "We will continue to closely cooperate with each country's intellectual property offices to create a global intellectual property ecosystem for our industry." 

kwj5797@fnnews.com Kim Wonjun Reporter