Malta has signed a memorandum of understanding on intellectual Property with China’s State Intellectual Property Office.

This will see the two countries exchange  information and good practices on Intellectual Property.

The MOU consists of a work plan, including sharing of information on IP laws, policies and working experiences,  exchange and training of personnel, organisation of joint seminars, introduction of IP holding companies and IP intermediary service organs in Malta.

Speaking just before the signing, Investment Minister Chris Cardona said intellectual property and knowledge industries were becoming the movers of the European and global economy.

“Studies suggest that nearly 40 per cent of total EU economic activity is generated by IP rights-intensive industries. “

However, a “great number” of businesses were still missing out on raising income from new technology or ideas because they were not sure about their IP rights.

Mr Cardona said the government had launched awareness- raising campaigns about the importance and value of IP.

The government had also launched an initiative in collaboration with the private sector, to kick off a series of studies that will result in solid proposals for reform, and eventually legislation that will help raise Malta's attractiveness in the IP industry and make the island an IP hub.

The State Intellectual Property Office delegation was led by Deputy Commissioner He Zhimin, while the Maltese Delegation was led by Godwin Warr, Director General Commerce Department.