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Intellectual property’s role in economic development

The transformation from the industrial age to a digital one resulted in changes to the basics of economy and presumptions of essential works.

Intellectual assets have become more prominent and form a new kind of economy and for this, land, capitals and machinery are less important on account of them being material assets.

“We do not mean the industrial sector by the new economy, rather it is the service sector which forms this economy. It relies mainly on knowledge and programming, and not on machines. It serves as a smart knowledge tool,” said Mufid Al Zaabi, Senior Director, Trade Agencies Protection Section, Dubai Department of Economic Development (DED).

The administrative, financial, and accounting systems were developed as being material assets over the past decade, and are easily measurable and of relative stability. Intangible intellectual assets like invention patent, brand names, and confidence cannot be valued since these assets exist within people’s experiences.

“The intellectual capital is the major pillar for establishing economic advancement in general and for success of organisations in particular. Hence, decisions pertaining to the intellectual capital is strategic since they are means and tools which can be used to attain the objectives of organisations,” Al Zaabi said.

Consequently, managing intellectual assets is deemed a strong instrument for administration. It is in view of this that the intellectual property rights evolved and further divided into some sections such as the Industrial Property Right, Invention Patent, Trademark, Trade Agencies, Trade Secrets, and Arts and Literary Property Rights. The intellectual property rights fight old-school thinking and calls for competitiveness in innovation and invention.

The intellectual property rights have a major role in the economic development process. Subsequently, the DED, represented by the Commercial Control Sector, adopted the protection of innovative, intellectual and cognitive products. This was done in view of the economic development, which reclines on knowledge, information, and intellectual products. Intellectual capital is regarded as the most important aspect in many influential companies in the world.

“Furthermore, many companies across the world recline on experience, which is instrumental to gain control over the markets and ensure their continuity, growth, and generate profits. Thus, a piece of information has become an intellectual property, and a property is a right, and a right is covered by legal protection to its holder. This entailed us to pay attention to it and protect intellectual rights,” Al Zaabi said.

The Commercial Control and Consumer Protection Sector has been working in line with new standards so that it can protect intellectual property and curtail malpractices which may affect innovation, invention, and creativity. This ensures sustainable development. This, he said, is considered as the first defense, which boosts the standing of Dubai economy on the world’s trade map, and prevents harm to the local markets, public health, rights of producers, and owners of brand marks and trade agencies.

To fulfil the said protection, the DED has chalked out a strategic awareness plan to be the forerunner in combating trade deceit and duplicating trademarks, and maintaining intellectual property rights in order to achieve a large impact.

“Intellectual property rights have become a need and a necessity in the wake of rapidly-growing and developed industrial and commercial era, which is fed with thinking, operated by machinery, and governed by technology,” he added.