A Memorandum of Understanding (MoU) towards Creating an Enabling Intellectual Property (IP) Environment to Strengthen Business Competitiveness through Brands and Designs (EIE Brands and Design) was signed between the World Intellectual Property Organization (WIPO) and the Ministry of Economic Affairs (MoEA) on September 17, 2019. On behalf of the MoEA, Hon’ble Tengye Lyonpo countersigned the MoU.
The EIE Brands and Design is a five-year project between the Department of Intellectual Property (DoIP), MoEA and WIPO, with the objective to empower national stakeholders to increase their business competitiveness through effective use of the IP system.
Some of the expected results of the cited project are:
- Analysis of business development requirements of local businesses based on their current or potential use of IP tools for branding and design;
- Identification of domestic products with potential for branding;
- Development of a “Hub and Spokes” structure;
- Enhanced capacity of selected domestic stakeholders to use IP for business competitiveness.
It is envisaged that the project would assist in promoting some of the potential Bhutanese products in the niche international markets by enhancing their competitive edge through branding and design strategies.