Speakers at a dialogue on Wednesday stressed the need for greater intellectual property (IP) protection to help Bangladesh attract more foreign direct investment and secure its position in the global supply chain.
They also called for upgrading IP laws.
The call came at the dialogue titled "Strengthening IPR Frameworks in Bangladesh: Current Status and the Way Forward" organized by the AmCham at The Westin Dhaka.
Stressing the importance of IPR, American Chamber of Commerce in Bangladesh (AmCham) president Syed Ershad Ahmed said if IPR can be enforced, it would actually change the business ecosystem, investment ecosystem thus attracting more investment.
"…foreign importers will get more confidence to source from Bangladesh," he said, explaining why they are pushing for the issue.
Bangladesh government made some progress in IPR like developing law, he said, stressing coordinated efforts from all government agencies and stakeholders including media to effectively implement the law.
Shilpi Jha, Senior Commercial Specialist and IP Policy Advisor-South Asia at the U.S. Embassy, New Delhi, highlighted that they aim to strengthen IPR laws in the region.
As such, they have been advocating for international laws by either doing due diligence or through various capacity building programs or discussions like this, she noted.
Highlighting the importance of IPR, she said the issue has also been largely mentioned in the US-Bangladesh trade agreement.
She said the new government has a key opportunity to strengthen Bangladesh's IP framework, attract investment, and support Micro, Small, and Medium Enterprises (MSMEs).
Terming IP a 'game changer', she also laid emphasis on an improved IPR enforcement capacity.
Ms Jha said they are pushing the Bangladesh government for upgrading IP laws. Once the laws are upgraded, it will be easier for Bangladeshi nationals to file more IP, she added.
She also suggested mandatory training for enforcement officials to enable them to distinguish between patents, trademarks, copyrights, and geographical indications.
The discussion session highlighted that effective IPR protection requires coordinated action across sectors, particularly in managing imports and addressing policy frameworks.
The dialogue concluded with a consensus that building a robust IPR regime is an immediate necessity for Bangladesh to successfully graduate from LDC status and secure its position in the global supply chain.
AmCham Executive Committee members Al-Mamun M Rashel (Treasurer) and Mirza Sajib Raihan, Paul Frost Commercial Counsellor among other US Embassy officials, spoke there.
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