Developing intellectual property systems can stimulate economic growth, cultural development and social well-being.

GENEVA--Developing intellectual property systems can stimulate economic growth, cultural development and social well-being.

That's the opinion of Dr. Kamil Idris, director general of the World Intellectual Property Organization (WIPO). "All nations, by harnessing the power of creativity and innovation through the use of the intellectual property system, can achieve economic growth and cultural development," Idris said.

Idris spoke April 26 on World Intellectual Property Day, an event sponsored by Geneva-based WIPO.

He added: "Recognizing and developing this limitless resource, and exploiting it as an economic asset, is key to achieving prosperity in today's world. By building awareness of the value of intellectual property and developing the necessary infrastructure to help their citizens take full advantage of the IP system, all nations can create an economic environment and a culture that truly encourages creativity."

WIPO members established the World Intellectual Property Day in 2000 as a way to focus on the importance of IP in the growth of societies. April 26 was picked as a celebration of the day the Convention establishing WIPO entered into force in 1970.