Peru and CAF to boost national innovation and productivity

By Espinosa Bellido Abogados

The Development Bank of Latin America (CAF) signed on January 2019 an inter-institutional cooperation agreement with the Ministry of Production of Peru to promote the creation of patents with marketing potential.

CAF will support Peru’s National Council for Science, Technology and Technological Innovation (Concytec) and National Institute for the Defense of Competition and Intellectual Property Protection (Indecopi), to promote the creation of patents in the development of innovative technologies that help solve national and international problems, but which also boost productivity and economic growth of the country.

“Through this inter-institutional agreement, the parties will jointly define potential plans, projects, financing programs and activities aimed at improving innovation indicators such as applications and granting of patents in national and international markets, increasing the royalties and financial resources from licensing or transfer of patents; as well as increasing high-tech exports from Peru to other regions of the world”, said CAF in a statement.

The Minister of Production of Peru, Raúl Pérez-Reyes, also highlighted the importance of the agreement. “A Peruvian company that holds one or more patents or industrial designs will be more likely to increase its profits by claiming a larger share of the market, raising the interest of potential investors, even on an international scale, in order to attract funds, enter into licensing commercial relations and develop strategies that enable patenting in countries that are part of the target markets of its innovations,” he said.