MOSCOW, June 29. /TASS/. Russian businessmen submitted more than 43,000 applications for trademark registration in five months of 2023, President Vladimir Putin said on Thursday.

"Russian entrepreneurs filed more than 43,000 applications for trademark registration over five months of this year. This is 35% more than in the like period of 2022," the head of state said.

"Meanwhile, registrations of domestic brands and the turnover of trademark rights are growing consistently. It means they are becoming more valuable assets. National entrepreneurs need to learn to more efficiently capitalize them and earn extra profits from that," Putin noted.

The term to obtain protection certificates for trademarks in Russia was lowered by almost a factor of three to four months over the last seven years, the Russian leader said. "I would say an example that in the last year, this procedure took almost fourteen months in average in the US, eleven [months] in Japan, and from one to two years with our friends in the People’s Republic of China," Putin noted.