South Korean President Lee Myung-bak said Wednesday that South Korea should step up efforts to protect intellectual property rights amid mounting losses from violation of South Korea's property rights.
According to Kim Eun-hye, spokesperson for the presidential office, President Lee said during a meeting of the National Competitiveness Council that the country is losing more from violating intellectual property rights than any gains earned from intruding into others' intellectual property.
President Lee also said South Korea should also step up its own intellectual property in order to counterbalance an annual deficit of some 4 billion U.S. dollars.
"We must first protect the intellectual property of others if we are to demand protection of ours," the president was quoted as saying, highlighting that securing intellectual properties is vital for the future of the country.
Beginning last week, a so-called 'three-strike system' on intellectual property right protection is taking into effect, under which an Internet user who committed any violation of intellectual property three times would be suspended from any kind of Internet account uses for six months./.