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Intellectual Property: A Vital Tool for Boosting Trade and Attracting Investments

PHNOM PENH, May 2, 2024 — Intellectual property is increasingly recognized as a crucial mechanism for advancing trade, nurturing new businesses, and attracting foreign direct investment (FDI). This recognition was highlighted during the World Intellectual Property Day 2024 celebrations held at the Hyatt Regency Phnom Penh on April 30.

Cham Nimul, Minister of Commerce and Chair of the National Committee for Intellectual Property, emphasized the role of intellectual property in adding value, commercializing products, fostering innovation, and facilitating technology transfer. She spoke about the importance of intellectual property for micro, small, and medium enterprises and its role as a financial resource.

During the event, Nimul called for collaborative efforts among stakeholders to combat intellectual property infringements, which she noted are barriers to innovation. She expressed hope that the observance of Intellectual Property Day would continue to enhance public awareness and foster a spirit of cooperation across various sectors of society.

Hem Vanndy, Minister of Industry, Science, Technology & Innovation, also praised the observance, noting that it plays a crucial role in educating the public, especially innovators, researchers, and students about the importance of intellectual property rights in technological advancement and innovation.

The celebration concluded with the launch of five intellectual property-related projects aimed at integrating intellectual property education into various sectors. These include an Inclusive Growth Project to support Cambodian entrepreneurs with disabilities, a skills-based learning initiative for design schools, the launch of an IP web application, a distance learning platform on intellectual property, and an intellectual property analysis program for businesses.

This year's World Intellectual Property Day was celebrated under the theme "IP and SDGs: Building our common future with innovation and creativity."

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