IP reform key for foreign investment
As Bangladesh approaches graduation from least developed country (LDC) status, experts say the nation must modernise its intellectual property (IP) framework to attract foreign investment, particularly from the United States, and strengthen confidence among global businesses.
Shilpi Jha, senior commercial specialist and IP policy advisor for South Asia at the US Embassy in New Delhi, made the remarks at a roundtable titled “Advancing the IPR Framework and the Way Forward”, organised by the American Chamber of Commerce in Bangladesh at The Westin Dhaka.
“Stronger and internationally aligned IP protection is no longer just a legal requirement; it is an economic necessity,” Jha said. She added that an updated IP framework would help Bangladesh integrate more effectively into the global economy, boost exports, encourage innovation, and attract foreign direct investment (FDI).
Bangladesh has already taken steps with the Patent Act 2023 and the new Design Act, which allows innovators to register unique industrial designs. Efforts are also underway to update trademark laws to meet international standards. However, Jha said further reforms are needed to fully align the country’s IP system with global best practices.
Currently, Bangladesh enjoys certain flexibilities under international agreements due to its LDC status, which has delayed full implementation of some reforms. Nevertheless, policymakers and businesses increasingly recognise the importance of robust IP protection for long-term economic growth.
Experts note that these reforms could enable Bangladesh to join international systems such as the Madrid Protocol and the Patent Cooperation Treaty (PCT), allowing businesses to secure trademarks and patents in multiple countries through simplified processes.
Effective IP protection is critical not only to attract foreign investment but also to support domestic industries and encourage innovation. Weak enforcement discourages multinational companies from introducing advanced technologies and premium products, due to risks of counterfeiting and misuse.
Syed Ershad Ahmed, president of the American Chamber of Commerce in Bangladesh, emphasised the strategic importance of strong IP enforcement. “A secure IP framework is essential for attracting more FDI and giving global importers the confidence to source products from Bangladesh,” he said.
