International brands were previously not coming in Bangladesh as the Intellectual Property Rights were not protected here
Protection of intellectual property rights will bring in more foreign investments and create jobs for Bangladesh, said experts on Sunday.
They came up with the remarks while addressing a panel discussion on "Protection for the Intellectual Property Rights Brings Investments and Jobs".
To mark the World Intellectual Property Day 2019, the American Center and Bangladesh Intellectual Property Forum jointly organised the panel discussion at the American Center in Dhaka.
"If there is an intellectual property rights act here, it will bring in more investment as the investors want to see that there rights are ensured," said Nadia Amin Binte, president of the Women Entrepreneurs Network for Development Association.
International brands were not coming in Bangladesh as the Intellectual Property Rights were not protected here, she added.
Besides, there was no provision of punishment for the violation of IP rights or copy rights, said Nadia.
“If we can ensure IP rights for the global brands, they will come here with investment and generate employment for many, “ she added.
At the programme, stakeholders urged the consumer not to use copied products and called for awareness building to protect IP rights.
"Building a brand is not so easy but it is very easy to copy. When a brand becomes famous, then people try to copy it. And it happens more in the rural areas as the people are not aware of consequences of coping products," said Syed Mohammad Kamal, executive committee member of American Chamber of Commerce in Bangladesh.
“Though, there is a price issue in case of a brand, but we have to use original products and should avoid copied products, said Kamal.
"IP rights is a major contributor to the economic growth, which brings investment and create jobs," said Barrister ABM Hamidul Mishbah, founder, Bangladesh Intellectual Property Forum.
Global renowned brands such as Microsoft makes their presence across the world, where they make investment and generate employment helping the economic growth, said the lawyer.
He stressed on the enforcement of the existing laws to protect IP rights.
Merrie Blocker, senior public diplomacy officer, US Embassy, Dhaka, moderated the discussion, where Iverson Long, Economic Officer of the US Embassy in Dhaka was present.