IPR violation costs foreign firms Rs757b annually
OICCI says govt loses Rs240b in tax revenue due to IPR violation
Khan said all matters related to the IPO were being reviewed and relevant rules would be updated to ensure that it played a more effective role in enforcing IP rights. PHOTO: FILE
KARACHI:
Owing to counterfeiting, smuggling and violation of intellectual property rights, including copyrights, patents and trademarks, foreign companies lose Rs757 billion every year in Pakistan, said Overseas Investors Chamber of Commerce and Industry (OICCI) President Shazia Syed.
She made the remarks while unveiling OICCI’s maiden manual on the “Evolution of Intellectual Property Rights (IPR) in Pakistan: OICCI’s Perspective” at a ceremony chaired by Intellectual Property Organisation of Pakistan (IPO) Chairman Mujeeb Khan.
The manual gives a comprehensive view of the laws and their application in relation to copyrights, trademarks and patents in Pakistan.
Foreign investors’ confidence in Pakistan improves
“The OICCI IPR manual will go a long way to educate investors, innovators as well as regulators on various aspects of intellectual property right laws in Pakistan,” Syed said. “An effective IPR regime, which ensures protection for innovators and investors, is pivotal for economic growth acting as one of the key factors in attracting foreign direct investment into the country.”
Syed added that results of a recently conducted survey of estimated financial impact from counterfeiting, smuggling and violation of IPR indicated a loss of approximately 14% of the OICCI members’ total revenue in 2018, or Rs757 billion.
She was of the view that it translated into an annual tax revenue loss of approximately Rs240 billion to the government of Pakistan.
She underlined that effective protection of the IPR had always been a key focus of the OICCI agenda and the chamber had highlighted the need for creating awareness and promoting IPR-friendly business environment at multiple forums.
The chamber believes that IPR laws in Pakistan are comprehensive and aligned to international standards where they can give a considerable boost to the country’s image when implemented effectively.
OICCI calls for revamping tax system
“OICCI is confident that the IPR manual will be a significant milestone in boosting awareness among relevant stakeholders about the existing IPR laws and the measures taken by the government to not only combat IPR issues but also strengthen the IPR regime in Pakistan,” Syed said.
Speaking on the occasion, Mujeeb Khan said all matters related to the IPO were being reviewed and relevant rules, procedures and policies would be updated to ensure that it played a more effective role in enforcing IP rights.
“The OICCI IPR manual will contribute to the strengthening of the IP regime and educating all stakeholders about their IP rights,” he expressed confidence.
Ali and Associates Senior Partner Ali Kabir Shah, who collaborated with the OICCI in the research, remarked that the OICCI had been at the forefront of intellectual property protection and promoting good governance.
“The OICCI IPR manual provides a holistic view of the prevailing IP laws in Pakistan and their respective enforcement mechanisms,” he said. “The idea behind this manual is for the stakeholders to better understand the dynamics of intellectual property in Pakistan and facilitate them in devising appropriate, winning business strategies.”
He was of the view that the protection of intellectual property should be a concern for every citizen of Pakistan because at present the value of intellectual property assets may outweigh the value derived through any other means and resources.
Published in The Express Tribune, August 1st, 2019.
Owing to counterfeiting, smuggling and violation of intellectual property rights, including copyrights, patents and trademarks, foreign companies lose Rs757 billion every year in Pakistan, said Overseas Investors Chamber of Commerce and Industry (OICCI) President Shazia Syed.
She made the remarks while unveiling OICCI’s maiden manual on the “Evolution of Intellectual Property Rights (IPR) in Pakistan: OICCI’s Perspective” at a ceremony chaired by Intellectual Property Organisation of Pakistan (IPO) Chairman Mujeeb Khan.
The manual gives a comprehensive view of the laws and their application in relation to copyrights, trademarks and patents in Pakistan.
Foreign investors’ confidence in Pakistan improves
“The OICCI IPR manual will go a long way to educate investors, innovators as well as regulators on various aspects of intellectual property right laws in Pakistan,” Syed said. “An effective IPR regime, which ensures protection for innovators and investors, is pivotal for economic growth acting as one of the key factors in attracting foreign direct investment into the country.”
Syed added that results of a recently conducted survey of estimated financial impact from counterfeiting, smuggling and violation of IPR indicated a loss of approximately 14% of the OICCI members’ total revenue in 2018, or Rs757 billion.
She was of the view that it translated into an annual tax revenue loss of approximately Rs240 billion to the government of Pakistan.
She underlined that effective protection of the IPR had always been a key focus of the OICCI agenda and the chamber had highlighted the need for creating awareness and promoting IPR-friendly business environment at multiple forums.
The chamber believes that IPR laws in Pakistan are comprehensive and aligned to international standards where they can give a considerable boost to the country’s image when implemented effectively.
OICCI calls for revamping tax system
“OICCI is confident that the IPR manual will be a significant milestone in boosting awareness among relevant stakeholders about the existing IPR laws and the measures taken by the government to not only combat IPR issues but also strengthen the IPR regime in Pakistan,” Syed said.
Speaking on the occasion, Mujeeb Khan said all matters related to the IPO were being reviewed and relevant rules, procedures and policies would be updated to ensure that it played a more effective role in enforcing IP rights.
“The OICCI IPR manual will contribute to the strengthening of the IP regime and educating all stakeholders about their IP rights,” he expressed confidence.
Ali and Associates Senior Partner Ali Kabir Shah, who collaborated with the OICCI in the research, remarked that the OICCI had been at the forefront of intellectual property protection and promoting good governance.
“The OICCI IPR manual provides a holistic view of the prevailing IP laws in Pakistan and their respective enforcement mechanisms,” he said. “The idea behind this manual is for the stakeholders to better understand the dynamics of intellectual property in Pakistan and facilitate them in devising appropriate, winning business strategies.”
He was of the view that the protection of intellectual property should be a concern for every citizen of Pakistan because at present the value of intellectual property assets may outweigh the value derived through any other means and resources.
Published in The Express Tribune, August 1st, 2019.