KUALA LUMPUR: The world's first-of-its-kind Halal Intellectual Property (IP) Bank initiated by the Halal Industry Development Corp (HDC) has been formed to store all registered and licensed halal intellectual properties and ideas.

IP Bank was the key innovative outcome at the two-day World Halal Research Summit 2012 which ended today.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said these intellectual properties referred to innovations and innovative ideas that have commercialisation potential and have been transformed into halal prototypes for global halal markets.

"HDC will manage all innovations retained with the IP Bank as this is the platform towards consolidating prototypes that are ready for commercialisation," he told reporters after the closing ceremony today.

In support of innovations, HDC also organised a WHR Innovation Exhibition in collaboration with Agensi Inovasi Malaysia for purposes of showcasing the product prototypes for the halal industry at the summit.

The exhibition which focussed on 37 product prototypes, identified for commercialisation and ready to be pitched to the business, investors and entrepreneurial sectors, will be reposited in the IP Bank and can be viewed at the HDC web portals.

"Of the 37 prototypes, four have been successfully matched and will be commercialised," he said adding that the first such repository initiated by HDC points out to continuous contribution by Malaysia to halal industry.

HDC web portals has received 12 million visitors to date.

Mustapa said this structured approach would ensure that innovative ideas and findings are taken through from creation stage to commercialisation stage, complementing further Malaysia's halal ecosystem.

The minister also pointed out that the very successful World Halal Research Summit this year compared to years before showed that Malaysia was seen as a benchmark in the world's halal industry.

This year's event attracted 700 delegates from 23 countries.

(Source: Bernama)