Singapore’s Makara Innovation Fund and Global IP

Recently, the government of Singapore announced the creation of the Makara Innovation Fund. This fund aims to assist Singaporean companies, with “strong intellectual property rights”, to develop, globally. This move is part of Singapore’s overall goal to become internationally recognized for being an “IP hub”. Various issues and concerns are highlighted by this decision. Firstly, Singapore’s policy comes at a time of growing economic isolationism. For example, the Singaporean government signed the now defunct Trans-Pacific Partnership, and this is another way to increase their global economic clout. Additionally, according to Bloomberg News, Singapore, currently has the third-highest rate of patent holders per million people. Already noted for intellectual property, in some regards, the above fund could be a means to further their international rankings. It will be interesting to see the outcomes of this fund and if other countries adopt similar policies.

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