The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged the government to protect intellectual property to boost up the country's economic growth and raise revenue collection as well.
The Federation also called for properly evaluating the creative industries.
The apex trade body also underlined the importance of building awareness in this regard and strict implementation of the law for the protection of intellectual property.
FBCCI executives made the pleas during the first meeting of its Standing Committee on Intellectual Property Rights held at the FBCCI's Motijheel office in the capital on Thursday.
The business leaders at the meeting also viewed that if the recommendations sent for the protection of intellectual property are stuck in the government offices for a long time, people will be demotivated to work on it.
While addressing at the meeting as the chief guest, FBCCI Vice President M A Momen said, "Building a digital economy is a dream of the Prime Minister of Bangladesh. The government must work to protect intellectual property towards fulfilling the dream."
The prospects of Bangladesh will be highlighted before the representatives of different countries at the upcoming Bangladesh Business Summit to be held on the occasion of the FBCCI's 50th anniversary, he said.
"The fact of intellectual property protection will come up with more importance at that time," he maintained.
FBCCI vice-president Md Amin Helaly said it is necessary to work on the protection of intellectual property in coordination with the public and private sectors.
He added world-class products are now being made in Bangladesh; so it is important to preserve the rights of the products along with their creation.
Committee Director-in-Charge Mohammad Anwar Sadat Sarker said Bangladesh is almost on the way to the graduation from the least developed country ( LDC) status.
It is therefore now necessary to change the copyright protection law based on that graduation, he added, laying stress on increasing branding of Bangladesh's own products.
While presiding over the meeting, Chairman of the committee and Secretary General of the Intellectual Property Association of Bangladesh (IPAB) Md. Azizur Rahman FCS said, "Lack of intellectual property protection negatively affects both health and economy. Sometimes, foreign companies are also discouraged from doing business in the country for fear of brand theft".
"It is necessary to further work with intellectual property to achieve the country's development goals," he said.
FBCCI directors Hasina Newaaz, Md Shafiqul Islam Vorosha, Abu Motaleb, Hafez Harun, Iqbal Shahriar, Md Naser, Dr. Nadia Binte Amin, Akkash Mahmood and its adviser Manzur Ahmed and Co-Chairman of the committee Manzurur Rahman were present, among others, at the meeting.
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