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 establishmentby end of the year, he said, the boards role would beto certify theexisting valuationwhich had been madeby internationally recognisedintellectual property (IP) appraisers.

"TheValuation 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 appraisersto determine the SOP,IPvalue, benchmark and the IPs'sector. We are confident that thiseffortwillhelp improve the country's economy because IPs areconsidered major assetsthat can generate revenue,"he told reporters after witnessing the signing of a Memorandum of Understanding (MoU) between JPPH and MyIPO.

So far thecountry has 23 IP appraisers whoareinternationallyrecognisedfollowing MyIPO's initiatives andcooperation withWorld Trade Institute (WTI), University of Bern, Switzerland.

Hamzahadded that theMoU between JPPH and MyIPO, wouldamong others, create a comprehensive framework in convertingIPs ascollateral financialinstruments for financing purposes.