Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs. Industrial properties are protected to stimulate innovation, design and the creation of technology. In this category, inventions (protected by patents),industrial designs and trade secrets. The purpose is to provide protection for the results of investment in the development of new technology, thus giving the incentive and means to finance research and development activities. A functioning intellectual property regime should facilitate the transfer of technology in the form of FDI (Foreign Direct Investment), joint ventures and licensing.
