Proper implementation of IPR can spur economic growth

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FE Report Effective intellectual property rights (IPR) system can further contribute to the economic growth of Bangladesh by rewarding creativity and promoting talents of the people, experts said at a national forum Tuesday. They also stressed the need for acclerating the process of making the intellectual property policy speedily so that it can well protect the IP as Bangladeshi people are innovative, resourceful and genius. World Intellectual Property Organisation (WIPO) in cooperation with the department of Patents, Designs and Trademarks arranged the two-day national policy forum on the 'Use of Intellectual Property for Technological Capacity Building, Economic Growth and Development' at a city hotel. Industries minister Dilip Barua was present as the chief guest while state minister for Cultural Affairs Promode Mankin was the special guest at the event, chaired by Industries Secretary KH Masud Siqqui. Director of LDCs (least developed countries) division of WIPO Kifle Shencrew also spoke on the occasion. Industries Minister Dilip Barua emphasised the importance of establishing an effective connection with IP offices, industries, academia, stakeholders and research and development organisations for a sustainable economic growth in the country. "Creativity and innovation can create endless benefits as it has no limit. For the reason, protection, promotion and management of IP are indispensable for national development in the age of globalisation and emerging knowledge-based world," he said. He said a holistic approach and public-private partnership strategy will be a better solution for meaningful development and promotion of IP in Bangladesh as IP (Intellectual Property) is now a crosscutting issue. Mr Barua said the country can not properly tap the inherent talent of the people to achieve the desired level of economical development due to lack of appropriate technology and IP protection initiative. "I think IP issue should be integrated into our ongoing 6th Five Year Plan with utmost priority," he said. Terming the business of the 21st century as IP-based, State Minister for Cultural Affairs Promode Mankin said the coveted economic development of any country in the present century may be accelerated by introducing an effective system of IPR. "IPR can play a positive role in encouraging new business development and induceing technology acquisition and creation," he said, adding that the developed countries' commitment towards transfer of technology should be followed properly. He, however, said the IP potential and the genius of the country could not be tapped. As a result, Bangladesh lagged far behind many countries in terms of Intellectual Property. The ministers also requested the WIPO to implement its commitment in establishing effective and efficient IP institutional framework in Bangladesh, including full-fledged automation of IP offices and structured development of human resources. WIPO director Kifle Shencrew said the government should speed up its activities for the protection of IP to achieve a sustainable socio-economic development as it will play the most dominant role in the country's economy. The organisers will discuss 11 IP-related themes in the two-day event.