Qatar Stresses Intellectual Property Has Become Significant Tool for Economic Growth

Doha: The State of Qatar emphasized that intellectual property has become an important tool for achieving economic growth by encouraging competitiveness and enhancing innovation in entrepreneurship to achieve sustainable development goals, noting that the successful experiences of some countries have proven the positive relationship between protecting and enhancing intellectual property rights and economic performance. This came in the State of Qatar's speech delivered by HE Permanent Representative of the State of Qatar to the United Nations Office and other international organizations in Geneva Dr. Hind bint Abdulrahman Al Muftah during the International Mediation and Arbitration Conference, held in Doha under the theme "Examining the correlation between strong Intellectual Property rights protection and increased FDI inflows." Her Excellency said that intellectual property is considered one of the most important assets of businesses, regardless of their size, noting that the benefits resulting from the av ailability of a good climate for protecting intellectual property rights are becoming increasingly important for small and medium-sized companies. Her Excellency noted some studies that indicate that companies in general, and small and medium-sized companies in particular, work better when they care about intellectual property. She explained that in many cases, small and medium-sized companies that have sufficient capabilities or have taken adequate measures to protect their property rights have been able to attract new capital or be successfully acquired by multinational companies. Her Excellency said that the State of Qatar, which is working to achieve its 2030 national vision, has identified among the goals of this targeted vision the achievement of a diversified economy that gradually reduces its dependence on hydrocarbon industries, enhances the role of the private sector and maintains its competitiveness through a knowledge-based economy characterized by an intense reliance on research, development, i nnovation, and excellence in entrepreneurship, in addition to education based on knowledge economy disciplines aimed at developing the economy and developing society, and an advanced physical and information infrastructure. Her Excellency explained that Qatar's Third National Development Strategy (NDS3) (2024-2030) adopted a model of sustainable growth to transform into a competitive, productive, diversified economy that stimulates innovation, which contributes to supporting productive economic growth. She stressed that the innovation ambitions in the NDS3 revolve around three basic goals: increasing the role of the private sector in innovation, scientific research, and developing the development and innovation system. Her Excellency indicated that this trend contributed to Qatar's gradual transformation into a diversified digital economy that enables all its basic industries to flourish and grow in a rapidly changing world. By attracting leading companies, Qatar was able to achieve its aspirations to enhan ce innovation in major transformation projects, she added. Her Excellency pointed out that Qatar aims, by 2030, to double spending on research and development as a percentage of gross domestic product (GDP), with the private sector contributing 60 percent of it. It also aims to become among the top 30 countries in the Global Innovation Index (GII), noting that Qatar has taken practical steps. In this regard, Qatar was ranked 68 in the GII in 2021, then advanced to 52nd in 2022, before advancing again to level 50 in 2023. HE the Permanent Representative of the State of Qatar to the United Nations Office in Geneva added that the strong presence of the State of Qatar in international forums, United Nations organizations, and international organizations, in general, enhances the large and pivotal role it plays and increases its influence in international affairs. She noted that the National Development Strategy of the State of Qatar emphasized the necessity of working toward developing effective human and insti tutional capabilities for the purposes of international cooperation, and to benefit from international organizations and work with them to develop the duties of Qatari diplomacy. Source: Qatar News Agency