In the Name of Allah, Most Gracious,Most Merciful”
Assalamu Alaikum warahmatu Allah wabarakatuh,
At the beginning of my speech,I am delighted to broaden on behalfof His Excellency,Dr. Abdulaziz Othman Altwaijri, the respectable Director General of the IslamicEducational, Scientific and CulturalOrganization (ISESCO) sincere appreciation and profound gratitude to the reverentauthorities, organizers and the experts participating in this InternationalConference and every individualrespectful guest attending today.
Iam pleased that we inaugurate the 2nd International Conference on: IntellectualCapital Management which has been organized and sponsored by manyInternational and National Organizations.
Asyou are well aware, Intellectual capital is broadly defined as the sum of acompany’s intangible resources (including knowledge, technology, brandreputation, competencies, etc.). Growing evidence supports that theaccumulation of intellectual capital is outpacing the accumulation of physicalcapital as the key driver of competitiveness in the so-called new economy. However,innovation through the development of intangibles has a strong impact onproductivity. At the firm level, studies show that innovative firms arefinancially stronger and generate higher employment. Successful management ofintellectual capital is a key determinant of future firm performance.
Enhancedtransparency through intellectual capital management is not only demanded bycapital markets, but also by other firm stakeholders such as employees,customers, suppliers and, in general, the society.
For all these reasons, theimportance attached by corporate managers and policy makers alike tointellectual capital management has grown dramatically during the last fewyears.
The management of intellectual capital is becomingmore and more important day by day. Bringing intellectual capital, knowledge managementand enabling technologies together is an exciting challenge to those who wishingto create information age competition. In the new era ofinformation and technology, economic promotion and prosperity can not beacquired unless the capacities absorb, adapt and develop new technologies andthe means of utilizing them and as the result the related socio-economicdevelopment are strengthened. The world’s economy and trade is heading towardsglobalization. Rapid technological obsolesce and violent competition in theworld trade have made it inoperative to protect the innovations using the toolof intellectual capital management system. Without the rewards of anintellectual capital system, an innovator or creator has no incentive todevelop new products and an investor has little incentive to pour capital intonew ideas.
Differentcountries of the world have their own national Intellectual Property lawsaccording to their needs with different procedures and time limit ofprotection. This diversity in the world Intellectual capital system createsbarriers and hinders smooth operation of free world trade and necessitates thestandardization of the world intellectual capital management regime. To removethese trade barriers TRIPS (Trade related Intellectual Property Rights) Agreementwas brought into picture by World Trade Organization (WTO). It mandates newmultinational minimum standards for protection of IPR as well as procedures andmeasures for their enforcement. It also spelled out in detail theresponsibility of the member countries to set standards in their national lawsfor the practical protection of rights, as well as procedures for executingthose rights against infringement.
Theyface the challenges of the new century, all countries of the world need tostrengthen cooperation and exchange information, stiffen the intellectualproperty protection and make full use of the IPR system in the development ofnational economy.
Ladies and Gentlemen,
ISESCOhas always supported the member countries development in educational,scientific and cultural issues and it has received favorable feedback in thismission. The necessity of conducting educational and scientific programs onpromotion of science and technology is among the priorities of thisorganization and today I am delighted that we are cooperating in such aConference. Considering the importance of the subject in the present globalcontext, ISESCO has implemented and coordinated many activities in this regard.
Aswe all aware, Islamic countries are the most prevalent consumers of westtechnology and simultaneously dependent on developed countries for their veryessential needs. This hazardous situation can not be altered unless properconsideration and priority is launched to reconstruct our technological capabilityand mobilize the resources to fulfill this exalted objective. In thisorientation, ISESCO has always devoted especial attention to the measures takentoward promotion of technology capacity building under its annual action plans.In this regard, many strives have been taken to reinforce all components ofnational technological innovation system.
Supportingand protecting the intellectual capital, which include, patents, trademarks,designs and copyrights plays an important role in foundation and promotion ofinnovation in technological areas. Through intellectual property thescientists, industrialists, and all concerned parties will be able to possesstheir creativity and innovation the same way as they own their physicalproperty. This kind of support will aid the scientists to create such aconductive environment to further their innovation and creativity capacity inthe noble research areas.
Protectionof intellectual property is important because of the fact that greater economicpotential will be obtained through utilization of innovation. Patenting theinnovation gives the inventor this right to stop others to make use of thisinnovation without his/her permission. This right encourages the scientist andinventor to launch more research and innovative activities and on the otherhand paves the ground for attraction of talented students to the scientificplans. In this regard, despite many activities taken in scientific areas,scientific research is now one of the weakest points in the Islamic world. Theaverage of scientists involved in research programs throughout Islamiccountries is low in comparison with the whole world percentage.
Thepolicy makers and economic planners are going to decline their confidencetoward creative and scientific research activities. The private sector alsowill show unwillingness to invest a good sum of buck on new innovative productsif their by-products are immediately copied and sold via unauthorized canals.The stronger the protection of intellectual property right, the morescientists, industrialists and entrepreneurs benefit from the advantages ofscientific research, motivation, innovation and creativity. This also will helpthe government sectors to invest more on research activities and to attractyoung talented scientists and entrepreneurs in adaptation of many other relatedareas.
Atthe end once more I would like to express my thanks and appreciation to theorganizer of this program and this would be an honor to appreciate kindparticipation of the lecturers and experts and I would like to extend my bestwishes to the distinguished participants for complete success in achievement ofthe objectives of this Conference.
Wassalamu AlaikumWarahmalu allah Wabarakatuh