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IP laws key to protecting innovations: Sheikh Thani

IP laws key to protecting innovations: Sheikh Thani

Tribune News Network
Doha
Laws of intellectual property (IP) play a key role in safeguarding innovations of entrepreneurs, Qatar International Center for Conciliation and Arbitration’s Sheikh Dr Thani bin Ali Al Thani has said, noting that 90 percent of the world economy is consisted of SMEs and startups.
The QICCA Board Member for International Relations was addressing the opening of the 2020 International virtual Conference on Innovation, Creativity, and Entrepreneurship Ecosystem (ICICEE) on Thursday.
Sheikh Thani said Gulf economies adopted strategies to encourage innovation and drive entrepreneurship in a way that achieves the economic diversification and reduces dependence on energy revenues.
He said innovation plays a pivotal role in achieving economic growth. It stimulates the use of new technologies, which improve and develop businesses and reduce expenses, he added. “Innovation enhances competitiveness, as well as promotes partnerships and expands businesses.”
Sheikh Thani said companies that do not adopt innovation are vulnerable to losing their own market share or even being edged out of the market.
Elaborating the importance of intellectual property laws, he said Arab countries attached a great importance to the intellectual property laws. These laws offer incentives for investment, development and innovation, he added.
These laws allow one person or entrepreneurs to establish their own companies without resorting to forge partnership with others, thus opening the door for entrepreneurs to establish their own companies easily, pointed out the QICCA official.
Sheikh Thani stressed the need for protecting innovations of entrepreneurs by various types of intellectual property such as patents or trade secrets. He said disputing parties in intellectual property disputes have recently resorted to alternative means of dispute resolution, including arbitration and mediation.
The two-day virtual conference, which was hosted by Kuwait and held via visual communication technology, aims to promote entrepreneurship in GCC states and foster innovative, creative, and entrepreneurial climate.
The forum brought together more than 80 participants from private and public sectors, experts and leading practitioners in innovation and entrepreneurship.

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