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Subject : $400 Mil. Fund Proposed for Intellectual Property   
Date 2009-08-28 Visit 6229

The Presidential Council on National Competitiveness proposed that the government create a pool of 500 billion won ($400 million) by 2013 to protect the country's intellectual property and promote its globalization.

It also called for the establishment of a government committee that will play a central role in coordinating policies on intellectual property with the private sector.

The measures will help South Korea brace for a global copyright war and, in the long term, transform it into a strong knowledge-based economy, the council's chairman Kang Man-soo said in a report to President Lee Myung-bak.

``As of the end of 2008, the country was the world's fourth largest patent holder and the volume of its intellectual property market ranked ninth globally,'' said Kang, a former finance and economy minister. ``However, we lag far behind global competitors in terms of protecting the related industry and infrastructure. More attention should be paid to this.''

To address the problem, the administration should set up the so-called ``invention capital'' and strategic companies to manage intellectual property and promote development, Kang said.

The council also proposed creating ``technological holding firms'' in cooperation with universities and research institutes to develop intellectual property. The state budget set aside for this project should be gradually increased to 3 percent by 2013 from 0.7 percent in 2008, it added.

Kang also said the country needs to step up an anti-piracy campaign and strengthen monitoring of copyright violations.

It urged the government to set up an advisory council under the Supreme Court to fight piracy and deal with the illegal sharing of copyright content. It also needs to nurture experts who can support Korean firms in patent disputes with foreign firms, the council said.

According to the state-run Copyright Protection Center, cases of copyright violation for books, music and films have surged rapidly in recent years.

The country detected 28.1 million cases in 2008, compared with 12.5 million in 2007 and 11 million in 2006.



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