The country needs to support small and medium enterprises including start- ups to ensure their rights over intellectual property (IP) for their sustainability, speakers at a webinar on Saturday said.
In addition, the presence of strict laws on IP rights is also crucial to strengthening the country's position in international trade, they added.
The observations came at the webinar organized by the Dhaka University's (DU) Faculty of Law, marking World Intellectual Property Day 2021.
Industries Minister Nurul Majid Mahmud Humayun took part in the webinar as the chief guest while Justice Md Ashraful Kamal, Judge, High Court Division, Supreme Court of Bangladesh, as the special guest.
World Intellectual Property Day is observed on April 26 every year. This year the event highlights the crucial role of small and medium-sized enterprises (SMEs) in the economy and how they can use intellectual property (IP) rights to build stronger, more competitive and resilient businesses. The theme of this year's event is "IP and SMEs: Taking Your Ideas to Market".
Speaking on the occasion, the minister said, "Every business starts with an idea that is translated into products and services and made available in the markets for consumers."
As the idea is important, the protection of its intellectual property or IP rights is also important, he added.
"IP rights can turn an idea into a business opportunity, generate value and benefit the consumers."
It is important to use IP rights to safeguard the business ideas in order to create value from individual business assets, the minister said.
Suggesting that the faculty of law establish an IP Law Centre to conduct research and train people in promoting and protecting intellectual properties, he also vowed to provide support from his ministry in this regard.
Justice Ashraful Kamal said IP rights issues are crucial to upholding the genuineness of creative work of an individual.
Recent copyright issues regarding the actual writer of popular thriller novel series 'Masud Rana' have drawn attention of many people to the IP laws, he added.
Apart from individuals' rights to their creative works, IP issues are important for performing international trade, he noted.
"We observe an intense relation between IP and international trade. The country that administers strong IP laws can take part in more international trade," he said.
Prof Dr Md. Rahmat Ullah, Dean, Faculty of Law, DU made opening remarks while Dr Md. Towhidul Islam, a professor of the same department, presented a keynote paper titled "Protection of IP rights in Bangladesh with special reference to SMEs".
saif.febd@gmail.com