SINGAPORE, Sept. 4 (Xinhua) -- The IP Week @ SG, and intellectual property event, kicked off in Singapore on Tuesday under the theme "Ideas to Assets: Connecting Markets through IP," attracting some 300 enterprises.

Indranee Rajah, second minister for finance and second minister for education, said on the opening ceremony that IP rights play an important role as an essential and strategic tool for business growth in the future economy, helping companies protect their innovations and bring their products and services to the global market.

The minister quoted data from the World Intellectual Property as saying that six out of 10 IP applications since 2016 are made in Asia.

To support the focus on innovation, Singapore has strengthened its connectivity to international markets to help innovative enterprises expand internationally, Indranee added.

The Intellectual Property Office of Singapore announced Tuesday new initiatives with innovation stakeholders to strengthen Singapore's position as an IP and innovation hub.

Singapore would work with insurance company to introduce IP insurance products. Moreover, the IP Academy Singapore would provide courses on intangible asset management to equip Singaporeans with IP and innovative-related skills.