The World economy is entering the age of intellectual property leaving behind the industrial age. While tangible assets such as land, labor and capital matter in the industrial age, intangible assets such as patents, copyright and designs matter in the age of intellectual property.

Since the 1990’s the Korean economy has faced limitation in quantitative growth generated by the input of production factors such as labor and capital. In response, it has become imperative for Korea to transform itself into an innovative economic system which goes beyond mere productivity enhancement.

To leap forward to a high-value knowledge-based economy, it is vitally important to capitalize on the paradigmatic shift in the world economy centering on intellectual property and creative industry.

On July 29, the President of the Republic of Korea presided over the meeting of the Presidential Council on National Competitiveness to make a decision for the promotion of national strategy on making the nation an intellectual property power house.

The Consultative Committee for Intellectual Property Policies and its Secretariat were established under the Prime Minister to carry forward important preparatory tasks including legislation of a "Framework Act on Intellectual Property."

* Regulation on the Establishment and Operation of the Consultative Committee for Intellectual Property Policies(Prime Minister’s Instruction) was set and promulgated. (October 27, 2009)

The Framework Act on Intellectual Property(IP Framework Act) was enacted and taken effect on July 20, 2011. The Act stipulates the creation of Presidential Council on Intellectual Property(PCIP) co-chaired by Prime Minister and private expert and the formulation of a master plan for national intellectual property, among other things.

The Presidential Council on Intellectual Property was established on July 28, 2011, and its administrative body, Office of IP Strategy and Planning on September 1, 2011.