The purpose of this Act is to contribute to the economic, social and cultural development of the Republic of Korea and the improvement of people's quality of life by formulating basic government policies and establishing the system for promotion thereof in order to facilitate creation, protection and utilization of intellectual property and create the foundations thereof, thus enabling the value of intellectual property to be displayed in our society to the fullest extent.

(1) The State shall formulate and promote comprehensive policies to promote the creation, protection and utilization of intellectual property and create the foundations thereof according to the objectives and basic principles of this Act.

(2) A local government shall formulate and promote policies for intellectual property by region in consideration of the policies of the State under paragraph (1) and relevant regional characteristics.

(3) A public research institute, business operator, etc. shall endeavor to create and actively utilize excellent intellectual property and afford better treatment to researchers and creators under its supervision, and provide reasonable remuneration to them for the outcomes thereof.

(4) The State, local governments, public research institutes and business operators, etc. shall mutually cooperate so that government policies for promoting creation, protection and utilization of intellectual property and creating the foundations thereof may be promoted in an effective manner.