Intellectual property rights crucial for economic growth: AmCham
Syed Ershad Ahmed was speaking on Thursday at a seminar titled “IPR Protection and Practices: Driving Economic Growth in Bangladesh” organised by AmCham at a city hotel.
Intellectual property rights (IPR) play a crucial role in economic growth and innovation in today's knowledge-driven economy, according to American Chamber of Commerce in Bangladesh (AmCham) President Syed Ershad Ahmed.
Syed Ershad Ahmed was speaking on Thursday at a seminar titled "IPR Protection and Practices: Driving Economic Growth in Bangladesh" organised by AmCham at a city hotel.
"A robust intellectual property rights regime becomes pivotal as Bangladesh will be transitioning from the group of Least Developed Countries (LDCs) in 2026," he said.
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Zakia Sultana, secretary of the Ministry of Industries, echoed Ershad Ahmed's sentiments, saying intellectual property rights will be critical as Bangladesh graduates from LDC status.
"We must ensure compliance with the requirements under the Trade-Related Aspects of Intellectual Property Rights agreement and other international treaties related to intellectual property rights, after graduation," she added.
Zakia said Bangladesh has made significant progress in advancing its intellectual property rights framework.
"Key milestones were achieved with the enactment of the Bangladesh Patent Act, 2023 and the finalisation of the Bangladesh Industrial Design Act, 2023, and Copyright Act, 2023 in the current year," she said.
She also said that the Ministry of Industries has initiated a comprehensive action plan to address the challenges of intellectual property rights implementation after LDC graduation.
Joseph Giblin, economic unit chief of the US embassy, made a presentation at the event and urged people to refrain from using counterfeit products.
"Counterfeit products are personally dangerous, the profits go to international criminals, and they harm you through your economy," he said.
ABM Hamid Misbah, founder of Bangladesh IP Forum, also spoke on the occasion. He recommended that the government take steps to implement the IPR Rules 2019 and enforce Import Policy Order 2021-24.
"Moreover, the administrative bodies must be made aware of the importance of IPR Protection and Enforcement," he said.
Syed Ershad Ahmed said that AmCham strongly supports a strengthened intellectual property rights regime as a cornerstone for Bangladesh's economic growth and foreign investment.
"A framework fostering knowledge sharing, technology transfer, and the development of higher value-added products and services will position Bangladesh as an attractive destination for global business," he said.
AmCham also proposed the designation of a dedicated "Decade of Innovation," the establishment of both a national and sectoral innovation council and the creation of an inter-ministerial committee dedicated to enforcing intellectual property rights laws.
