Experts at a discussion on Tuesday underscored the need for strong and effective Intellectual Property (IP) protection as it is a particularly powerful incentive for firms to invest in generating new technology in sectors where the returns to technological investment are very long term, involve high risks and are easy to copy.
They observed that since Bangladesh economy is in growing status, IP has become a significant factor in productivity and economic growth, reports BSS.
JoAnne Wagner, Chargé d’ Affaires, the United States Embassy in Bangladesh, attended the discussion as chief guest while Md Abdus Sattar, Registrar, Department of Patents, Designs and Trademarks (DPDT) and John Cabeca, IP counselor for South Asia, United States Patent and Trademark Office (USPTO) were present as special guests. The President – AmCham Syed Ershad Ahmed was present as the “Session Chair”, Syed Mohammad Kamal, Vice President – AmCham and Country Manager, Mastercard – Bangladesh moderated the session where Barrister ABM Hamidul Mishbah, Managing Partner - Old Bailey Chambers and Member – AmCham was the keynote speaker and Showkat Ali Sarkar, Country Manager - Huntsman Bangladesh Pte Ltd and ExCo Member – AmCham, Ashraf Bin Taj, Managing Director, International Distribution Co. Bd. (Pvt.) Ltd and Member – AmCham, Shilpi Jha, Senior Commercial Specialist and IP Policy Advisor-South Asia, USPTO, Jeff Dirks, Economic or Commercial Officer, U.S. Embassy, Dhaka participated as the designated panelists.
Speakers at the discussion mentioned that IP rights provide a further impetus to innovation in that they require an inventor who seeks time-limited protection to publish the knowledge embodied in a product or process.
Moreover, IPRs are essential to achieve market diversification and to shift towards higher value-added products and services, they opined.