OICCI stresses for strong IPR policy

KARACHI: Irfan Siddiqui, President Overseas Investors Chamber of Commerce & Industry (OICCI), on Monday said close monitoring of IPR (Intellectual Property Rights) regime in Pakistan had always been a fundamental part of the OICCI agenda.

“Laws which give a strong protection to Intellectual Property Rights (IPR) play a key role in encouraging innovation and creativity in people and society, Sidduqui said in a statement.

“Without adequate IP protection, local innovators are unable to attract investments, business creation is slow, and jobs lost. Economic prosperity relies on job growth, and strong, effective IP rights have a role to play in creating both.”

According to an OICCI statement, this year’s World Intellectual Property Rights Day, theme “IP & SMEs: Taking your ideas to market” will help to highlight the fact that a strong IPR is not only a requirement for multinationals, but a key point for all commercial entities and consumers.

The OICCI members in the statement said the registration process for IPR (copyrights, patents and trademarks) needed to be fully digitalised, while making sure a fast turnaround timing to facilitate all IPR owners, spread all over the country.

Irfan Siddiqui, OICCI President, observed, “Without adequate IP protection, local innovators are unable to attract investments, business creation is slow, and jobs lost. Economic prosperity relies on job growth, and strong, effective IP rights have a role to play in creating both.”

Pakistan’s recent accession to the Madrid Protocol has given local businesses, especially exporters, protection of their trademarks in 196 different member countries.

There are various indigenous Geographical Indication products in Pakistan including Peshawari chappals, Ajrak print and Sindhri mangoes. The GI Act 2020 is crucial to secure worldwide recognition of the Pakistani products and has helped establish a system for the registration and protection of GI rights in Pakistan.