SEOUL, Aug. 4 (Korea Bizwire) — The government will compile intellectual property balance of payments statistics from the next year. In addition, it will actively pursue intellectual property protection.
The government held an 11th national intellectual property committee meeting on August 1 to discuss issues such as the government’s budget related to intellectual property protection for the fiscal year 2015 and the review of the previous year’s national intellectual property implementation results.
Under the plan for the year 2015, the government proposed 33 investment projects (1,070.8 billion won in 9 ministries). The nation’s intellectual property-related budget has steadily grown for years at an annual average rate of 6.3 percent from 7.4 trillion won in 2012, 7.8 trillion won in 2013, and 8.4 trillion won in 2014.
At least partly thanks to the government’s effort in this area, the number of patent applications has increased rapidly with the share of innovation-intensive industries in the total manufacturing industries rising to 38 percent (3rd highest among OECD member countries).
In addition, the ratio of illegal software usage fell to a level below 40 percent last year for the first time. Still, the patents with high commercial value are rare. The trade balance in intellectual property royalties was a deficit of US$5.5 billion last year from $4.7 billion in 2012.
On the day’s meeting, the government decided to gather and announce statistics related to intellectual property balance of payments statistics that could encompass patent rights and intellectual property rights for use with future policy making.
By Sean Chung (email@example.com)