Chairperson, for a moment I thought you were a new invention.
The Bill was initiated to address the need for the creation of a proper framework and enabling legislation for the more effective management of intellectual property arising from publicly financed research. This Bill opens doors for many South African researchers. I think it is most welcome.
The Department of Science and Technology advised us that there are significant leakages of intellectual property into overseas jurisdictions, and that government is unable to exercise any walk-in rights in the absence of this legislation. Therefore, I think we have now closed that door.
This, and cases of South African commercialised products which appeared under foreign patent registration on the international markets, necessitated the legislation and the DA will support the Bill. After all, Rooibos is as much South Africa's own as Sasol, and we must ensure that locally developed products are protected in this way, especially if they are researched by our own universities and institutions.
The Bill also brings South Africa's research and development institutions to the international arena where our researchers, the institutions and society stand to benefit from its labour. It will protect the rights of the inventors and the research institutions, and reward the public who fund these institutions through their taxes. After registering their patents, the institutions and the inventors stand to benefit financially for at least 40 years.
Against this backdrop, the thrust of the proposed legislation is to provide for more effective utilisation of intellectual property derived from these institutions. The Bill aims to establish the National Intellectual Property Management Office and the South African Intellectual Property Fund. In addition, the Bill provides for the establishment of offices of technology transfer at these institutions. All these are most welcome, Chair.
The Bill further makes provision for intellectual property development in this way to be utilised and commercialised for the benefit of society, as the Minister has explained, and ensures that human ingenuity and creativity are acknowledged and rewarded. Certainly, we need that on the African continent.
Furthermore, it will ensure that people in the Republic of South Africa, particularly small enterprises, have preferential access to opportunities arising from the production of knowledge from publicly financed research and development.
Finally, sir, the Bill will ensure that the researchers may publish their findings for the public good and also that the state may use the results of the research in the Republic of South Africa. In a globally competitive world it is vital that South Africa establishes the requisite institutions and legislation to ensure that the economic and social benefits that arise from our research are captured within the country.
Many nations have established legislation from the regulatory frameworks to ensure better practice and returns from intellectual property. Developing countries and emerging economies have taken action since the late 1990s. More recently, Brazil, South Korea and Japan, for instance, have modified their policies and approach. One only needs to look at countries like Taiwan and Singapore to see how such developments have improved their economies and their welfare.
These developments are intended to provide a basis for higher levels of patenting to result from publicly financed research for commercialisation or regulated use. The Intellectual Property Rights from the Publicly Financed Research and Development Bill are well-placed to meet this obligation and to build on South Africa's illustrious innovative record. I thank you.