Government To Establish Intellectual Property Valuation Board Soon

KUALA LUMPUR, April 17 (Bernama) -- The government is in the midst of setting up an Intellectual Property Valuation Board to prepare a standard operating procedure (SOP) to evaluate intellectual properties (IPs) in the country, said the Minister of Domestic Trade, Cooperatives and Consumerism Datuk Seri Hamzah Zainudin.

Targeting its establishment by end of the year, he said, the board´s role would be to certify the existing valuation which had been made by internationally recognised intellectual property (IP) appraisers.

"The Valuation and Property Services Department (JPPH) and the Intellectual Property Corporation of Malaysia (MyIPO) will see to the establishment of the board. JPPH and MyIPO will begin this cooperation as soon as possible.

"They will gather the best IP appraisers to determine the SOP, IP value, benchmark and the IPs' sector. We are confident that this effort will help improve the country's economy because IPs are considered major assets that can generate revenue," he told reporters after witnessing the signing of a Memorandum of Understanding (MoU) between JPPH and MyIPO.

So far the country has 23 IP appraisers who are internationally recognised following MyIPO's initiatives and cooperation with World Trade Institute (WTI), University of Bern, Switzerland.

Hamzah added that the MoU between JPPH and MyIPO, would among others, create a comprehensive framework in converting IPs as collateral financial instruments for financing purposes.