As Bangladesh nears the end of its least developed country (LDC) status, enhancing its intellectual property (IP) laws is crucial to draw more overseas investments, particularly from the United States, and bolster trust among international businesses, a US representative mentioned recently.
Shilpi Jha, a senior commercial specialist and IP policy advisor for South Asia at the US embassy in New Delhi, brought up this topic during a discussion named “Advancing the IPR Framework and the Way Forward” hosted by the American Chamber of Commerce in Bangladesh at The Westin Dhaka.
The diplomat stressed that having robust and globally aligned intellectual property safeguards is no longer merely a legal obligation but a fundamental economic requirement. Updating the IP framework is expected to help Bangladesh better embed itself in the global market, increase exports, foster innovation, and attract foreign investments.
While Bangladesh has made progress by enacting the Patent Act 2023 and introducing a new Design Act, further enhancements are necessary to bring the country’s IP system in line with international norms and best practices, she highlighted.
Despite benefiting from certain flexibilities in international agreements due to its LDC status, which has delayed full implementation of some reforms, policymakers and business entities are increasingly acknowledging the significance of stringent IP protection for sustained economic progress, the diplomat noted.
With the Design Act in place, creators can now register unique industrial designs that were previously unavailable in the market. Simultaneously, initiatives are ongoing to update trademark regulations to meet global standards.
Experts believe these improvements could pave the way for Bangladesh to participate in major international IP frameworks like the Madrid Protocol and the Patent Cooperation Treaty (PCT).
By joining the Madrid Protocol, Bangladeshi enterprises and innovators would be able to request trademark protection across multiple nations, including the United States, India, and Nepal, through a simplified process from within Bangladesh. Similarly, becoming a member of the PCT would allow Bangladeshi inventors to seek patent protection in numerous countries through a single international application.
Industry insiders argue that robust intellectual property protection not only attracts foreign investors but also supports local industries, fosters innovation, and aids businesses in global competition.
They caution that weak enforcement discourages multinational corporations from introducing advanced technologies and high-end products in Bangladesh due to concerns about counterfeiting and misuse.
Syed Ershad Ahmed, the president of the American Chamber of Commerce in Bangladesh, highlighted the strategic importance of stringent IPR enforcement for the nation’s future. He stressed that a reliable IPR framework is crucial for attracting more foreign direct investments and instilling confidence in global buyers and promoters to select products from Bangladesh.
