The Ministry of Industry and Handicrafts and South Korea’s Intellectual Property Office signed a memorandum of understanding (MoU) on a patent agreement on Friday to promote Korean business and investment in the Kingdom.
Under the agreement, signed by Minister of Industry and Handicrafts Cham Prasidh and South Korea’s Intellectual Property Office Commissioner Park Wonjoo, patents registered in South Korea will be recognised in Cambodia.
Prasidh said the deal will help draw investors and boost the economy.
“There’s a need to effectively control the number of international [patent] applications in Cambodia.
“This agreement is for joint economic benefit between Cambodia and South Korea through investment promotion, exchange of experience, human resource training and technology,” he said.
Pich Ang, the former director of the Intellectual Property Association of Cambodia, told The Post the agreement would strengthen technical and human resources in the Kingdom.
“Through this agreement, we will benefit from new technologies through review and research. Our officials will be able to work in technical areas more efficiently and thereby boost our resources,” he said.
Cambodia, he said, would be able to attract more investors when it effectively protects intellectual property.
“If we can protect their intellectual property, they will believe we can protect their innovations. They can come to invest more and build factories in our country,” he said.
The agreement is valid for five years and can automatically be renewed for another five if neither party requests termination.
Prasidh said Cambodia has also cooperated with Singapore, Japan, China and the EU on patent registration and recognition.
Data released by the Ministry of Industry and Handicrafts said Cambodia has received 816 international patent applications since 2015, of which 150 have been reviewed and approved.