Importance of Intellectual Property System

Question: Discuss about the Importance of Intellectual Property System. Answer: Introduction Intellectual property is an intangible asset which is created by the mind i.e. innovation. For example patents, copyrights and trademarks fall under the category of intellectual property. IP provides confidence to the investors and the other financiers and thus promotes mergers and acquisitions. UAE law on IP entails a wide range of rights which are in line with UK, USA and the European countries. It has a wide room for promoting an innovative culture within the country. Importance of Intellectual Property to Uae UAE has been making efforts in budding a full proof intellectual property system which would boost the economic conditions of the country and make it sustainable towards achievement of the UAE Vision 2021. IP helps any business house to realise its true worth in the market both domestic as well as global. Its importance to UAE cannot be underestimated. Growing competition and globalisation is the main cause for the registration of trademarks, patents and such other IPs. The IP is crucial for the benefit of the country along with the individual business houses since it enhances the companies competitiveness and profit in the global market. The most important fact is that if a particular patent or copyright is protected then it benefits the economy of the country as well since the work cannot be copied by anyone else belonging to the same or other country and thus enables maintaining exclusivity. Further IP promotes innovation and originality by making the general public aware about the IP and how it protects them thus ensuring that UAE is able to make a place in the world market. Another fact with regards its importance is that it ensures sustainable development of the entire economy of the country. Another most important criteria is that IP helps in multiplying the progression in innovation, developing better modernized technology and a more cohesive culture as well. Stability in the economic development is the most crucial part of todays culture as it ensures that the job market is well developed along with industrialisation. It provides an atmosphere where the creativity and innovation can prosper for the advantage of all. Intellectual property can promote innovation in culture of UAE. If the younger generation are innovative and are made aware about the benefits of getting their innovations registered under the Intellectual Property Rights Law then it is sure to promote a cultural environment full of great ideas. Intellectual property boosts confidence of the innovators and give them a steady name in the society as well as uniqueness. This in turn encourages many others also to focus on developing innovative ideas. Further various seminars are being held in UAE basically to develop an environment of commercialisation and industrialisation and enabling imparting of knowledge across the entire community thus benefiting the entire society. For a development of a healthy cultural background for any country, talent is of utmost importance else the economy will not be culturally innovative which will effect the economical stability in the long run. IP legislation of UAE comprises of patents and Industrial Design Law 44 of 1992, Trademarks Law 37 as of 1992, Copyright and Neighbouring Rights Law 40 of 1992 and such other similar laws will help to promote innovation in culture of UAE. For example as per the Copyrights Law each author is required to submit their write ups to the Intellectual Property Protection Department of the Minister of Information and Culture so to be able to obtain protection grant under the law for their work. Since the law protects these artists and authors therefore people are more inclined towards such innovation which enhancs the culture of the country significantly. Conclusion Therefore on a concluding note, it is very clear that the importance of Intellectual Property cannot be ignored. It is important for the overall development of the economy as well as for the promotion of a healthy cultural background of the country as a whole. The laws of UAE are so strict for the protection of art and such other similar talent of the citizens that it automatically encourages towards development of an innovative culture. References Adam Global, Intellectual Property- Adam Global in the United Arab Emirates, https://www.adamglobal.com/office/dubai/services/intellectual-property/ Byat Ahmad Bin and Sultan Osman, The United Arab Emirates : Fostering a Unique Innovation Ecosystem for a Knowledge- Based Economy, (online), https://www.wipo.int/edocs/pubdocs/en/wipo_pub_gii_2014-chapter6.pdf Department of Economic Development, Intellectual Property Rights and The Efforts of the UAE, [August 2009], https://ded.abudhabi.ae/en/studies-indicators/Studies/Intellectual%20Property%20Rights%20and%20the%20Efforts%20of%20the%20UAE.pdf UAE Stresses Importance of Intellectual Property System, The Gulf Time, Business Emirates (online), 06 October 2016, https://emirates-business.ae/uae-stresses-importance-of-intellectual-property-system/ United Arabs Emirates University, The United Arab Emirates University Organizes a symposium on Intellectual Property and the Transfer of Technology (online), November 2015, https://www.uaeu.ac.ae/en/news/2015/november/intell_property.shtml