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The Journal of Intellectual Property Vol.6 No.2 June 2011 259 Policy Implication of Framework Act on Intellectual Property Won-Kil Yoon Abstract The Framework Act on Intellectual Property(FAIP) was passed at the National Assembly plenary session on April 29, 2011 after having been enacted in consultation with all the governmental departments concerned. Recent trend of economic globalization and smart media innovation suggest new opportunity and big challenge for Korean economy. In order to achieve US$ 30,000 per capita income in coming future soon, Korea is in the moment to take innovative approach for strengthening the knowledge competitiveness of Koran economy. At the macro level, investment on R&D should be increased and industrial renovation is needed to develop and expand knowledge industry. Korea should set up national policy to strengthen knowledge competitiveness of government, research institutions, and enterprises. Above all, FAIP would play great role in strengthening social infrastructure to enhance the knowledge capacity of Small and mediumsized enterprises(smes) and of region. According to FAIP, National Intellectual Property Steering Committee will be established comprising ministers concerned and opinion leaders of Korean society in July, 2011 in order to function as the control tower of national intellectual property policies. If the Committee do its best in harmonizing all the voices from society and in executing various policies in order to reform Korean economy at regional level and also at national level, Korea will be the
260 Korea Institute of Intellectual Property Korean Intellectual Society power house of the world in the field of intellectual property in the near future. This article introduces the background of enacting FAIP and legislation processes and clarifies the legal characteristics and meaning of the Act. It explains the overall structure of FAIP and individual articles of the Act. At the last part, it suggests some major policies to be implemented in the national framework envisaged in FAIP. Keywords Framework Act on Intellectual Property, National Intellectual Property Steering Committee, Intellectual Property Assets Management, National Intellectual Property Policy