Malta will be collaborating with China on intellectual property matters following an agreement that was signed with China's State Intellectual Property Office by the Maltese Department of Commerce, making part of the Maltese Ministry for the Economy.
The memorandum of understanding (MOU) consists of a varied working plan, including the sharing of information about laws, legislation and policies surrounding intellectual property, the exchange and training of personnel that will enable them to gain working experience, the organisation of seminars about intellectual property and the introduction of holding companies and intermediary services in Malta.
Chris Cardona, the Maltese minister for Investment stated that 40% of all economic activity conducted within the EU is generated by industries that are dealing directly with intellectual property rights. This means that more efforts should be made to ensure that businesses do not miss out on operating more efficiently and effectively simply because they are unsure about their intellectual property rights.
The intellectual property sector is also rapidly expanding in Malta, thus requiring further action from the government's side. The Maltese government signed the MOU with China in order to improve its good practice within this sector and generate more awareness.
Recently, Malta embarked on a similar initiative and signed another agreement with Italy so that the two countries can exchange best practice on matters related to tax. Such initiatives enable Malta to gain insights and expertise within those sectors that are most important to the country's policy-making and advancement.
Minister Cardona stated that intellectual property is an increasingly important matter for businesses and their operations in Malta and for this reason, the government set up awareness campaigns and collaborations with the private sector about this matter. Furthermore, the minister said that Malta's intellectual property legislation encourages innovation, however this still needs to be regularly reviewed and updated according to current needs.
For the signing of the agreement, the Chinese delegation was led by Deputy Commissioner He Zhimin while the Maltese delegation was led by Gordon Warr, Director General of the Maltese Commerce Department.
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