As Bangladesh approaches the transition from least developed country (LDC) status, there is a pressing need to update its intellectual property (IP) laws to entice greater foreign investment, particularly from the United States, and enhance trust among international businesses, according to a statement from a US diplomat on Wednesday.
Shilpi Jha, a senior commercial specialist and IP policy advisor for South Asia at the US embassy in New Delhi, delivered this message during a discussion titled “Advancing the IPR Framework and the Way Forward,” organized by the American Chamber of Commerce in Bangladesh at The Westin Dhaka.
The diplomat emphasized that robust and globally aligned intellectual property protection has evolved from a mere legal obligation to an economic imperative. An upgraded IP framework would facilitate Bangladesh’s deeper integration into the global economy, augment exports, spur innovation, and draw in foreign direct investment.
While Bangladesh has made strides by enacting the Patent Act 2023 and introducing a new Design Act, further enhancements are required to harmonize the nation’s intellectual property regime with international norms and industry best practices, Jha noted.
Despite benefiting from certain flexibilities under international agreements due to its LDC status, which has impeded the full implementation of some reforms, policymakers and enterprises are increasingly acknowledging the significance of stringent IP safeguards for sustained economic progress, the diplomat added.
The Design Act now enables innovators to register unique industrial designs that were previously unavailable in the market. Concurrently, endeavors are in progress to revamp trademark regulations to align with global standards.
Experts anticipate that these adjustments could pave the way for Bangladesh to participate in major international IP frameworks such as the Madrid Protocol and the Patent Cooperation Treaty (PCT).
Membership in the Madrid Protocol would empower Bangladeshi businesses and entrepreneurs to secure trademark protection in multiple nations, including the United States, India, and Nepal, through a streamlined process from within Bangladesh. Similarly, accession to the PCT would enable Bangladeshi inventors to seek patent protection across numerous countries via a single international application.
Industry insiders argue that effective intellectual property protection is not solely crucial for attracting foreign investors but is also vital for bolstering local industries, fostering innovation, and enabling businesses to compete on a global scale. They caution that lax enforcement dissuades multinational corporations from introducing advanced technologies and premium products in Bangladesh due to concerns regarding counterfeiting and misuse.
Syed Ershad Ahmed, president of the American Chamber of Commerce in Bangladesh, highlighted the strategic imperative of robust IPR enforcement for the nation’s future. He stressed that a secure IPR framework is indispensable for attracting heightened foreign direct investment and instilling confidence in global buyers and promoters to procure goods from Bangladesh.