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GCC chief, Bahrain minister push for more gains and achievements

RIYADH: Secretary-General of the Gulf Cooperation Council (GCC) Dr Nayef Al-Hajraf and Bahraini Minister of Cabinet Affairs Hamad Al-Malki on Thursday discussed ways of promoting gains and achievements within the GCC framework. This would certainly contribute to fulfilling the expectations and hopes of the Gulf people in line with the visions and directives of the member states’ leaders, they said during their meeting at the GCC Secretariat’s headquarters in Riyadh, according to a GCC release. They also tackled ongoing efforts aiming at bolstering the Gulf bloc’s goals and promoting common Gulf action, coherence and cooperation, said the release. The latest regional and international developments were also on the agenda of the meeting, it added.

Intellectual Property Strategy

In another development, Saudi Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs, Mohammed bin Salman Al Saud, launched Thursday, the National Intellectual Property Strategy (NIPST), aiming to achieve Saudi Vision 2030, via building an intellectual property ecosystem that supports an innovation and creativity based economy.

The national news agency (SPA) reported that the Crown Prince affirmed his aspirations to stimulate creativity and innovation in his country stating, “The National Intellectual Property Strategy will further enable stimulating investment, create high quality jobs, and raise awareness of creators and innovators rights.” In order to ensure the growth of innovation and creativity stimulation, the National Intellectual Property Strategy is based on four fundamental pillars: IP Creation, IP Administration, IP Commercialization, and IP Protection, adding that strengthening cooperation and integration with national stakeholders is key to achieving such pillars.

The pillar of IP Creation aims to enhance the creation of national high value IP assets, whereas IP Protection aims to stimulate the market economy through intellectual property protection. The IP Commercialization pillar has been adopted as one of the pillars of NIPST to contribute to the growth and attraction of investments in the country through the utilization of intellectual property and maximizing its impact.

Moreover, to ensure effective management of human creations, IP Administration aims to improve the IP value by establishing a fast and high-quality registration system. The agency further added that each pillar will have a number of initiatives assigned to government agencies measured periodically according to a governance framework that defines roles and responsibilities. The adoption of NIPST supports the empowerment of innovators in various fields and attracts interested researchers, entrepreneurs and innovators from Saudi or around the world towards innovation, creativity and respect of IP rights.

Saudi-Turkey trade

In another development, Turkiye’s Treasury and Finance Minister Nureddin Nebati said on Thursday trade exchanges between his country and Saudi Arabia rose to $4.3 billion in the last ten months. Value of the Turkish-Saudi commercial exchanges climbed from $3.7 billion in 2021 to $4.3 billion in the last ten months of 2022, said Nebati, addressing the Turkish-Saudi Investment and Business Forum, held in Istanbul. The minister called on Saudi investors to launch businesses in his country. The forum involves Turkish and Saudi officials, businessmen and entrepreneurs from the two countries. – KUNA

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