IPR protection a must to attract investors
The effective protection of intellectual property rights (IPR) is mandatory for attracting and retaining foreign direct investment (FDI) in the country as infringements have caused a loss of up to Rs800 billion to the public exchequer last year, according to an OICCI survey.
“Companies also reported a total loss of 20% of their turnover due to these infringements,” Overseas Investors Chamber of Commerce and Industry (OICCI) Chief Executive and Secretary General M Abdul Aleem said while speaking at the launch of the second edition of its IPR Manual “Evolution of Intellectual Property Rights in Pakistan: OICCI Perspective (Edition 2)” on Monday evening.
Intellectual Property Organisation of Pakistan (IPO) Chairman Farukh Amil said, “The IPO is not the enforcement agency. Intellectual property (IP) is directly linked to development in numerous ways and is a critical tool for empowerment. I have come up with a slogan ‘Invent, own and earn’.” He stressed that Pakistan had been blessed with so many minerals and other resources, adding “you make plans, find minerals and transform that into business ventures; this is your idea, your patent, your property and you cannot let someone appropriate it.”
He asked for grassroots awareness of the potential of IP, starting as early as at the school level. The younger generation absolutely must be in step with global knowledge and standards. Ali & Associates Partner Ali Kabir Shah remarked, “Intellectual property means the creation of mind; if you have a brand, that’s a property because you can get value out of it. Intellectual property is anything created by the mind and it can be replicated.”
Citing an example, he said, “How the chip-making industry, which is worth $2 trillion, is protected? It is safeguarded through IP so nobody can copy the chip design.” Shah asked the government and regulatory bodies to draw up better policies so that companies could benefit from them.
Innovators and foreign investors give high priority to an effective IPR regime, which is critical for attracting FDI and promoting research and innovation.
The OICCI is actively promoting an IPR-friendly environment and has led the debate on the protection and strict enforcement of the IPR regime. The publication of the manual is aimed at facilitating a comprehensive understanding of the various aspects of IPR laws in Pakistan for the facilitation of investors and innovators. The manual will help foreign and local investors in understanding the IPR regime, provide useful IPR-related guidelines for law students and practitioners, regulators and people interested in fostering the culture of innovation and inventions.
The latest publication is an updated edition of the similar last publication released in February 2019. The OICCI has added two new chapters on Plant Breeders Rights and Geographical Indications in the 2023-24 edition of the IPR Manual.
Published in The Express Tribune, April 30th, 2024.
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