Implications of IP become increasingly significant: Shahriar

State Minister for Foreign Affairs Md Shahriar Alam on Sunday said the implications of intellectual property (IP) become increasingly significant as Bangladesh progresses towards its goal of LDC graduation.

“By prioritising the protection, utilisation, and management of IP assets, Bangladesh can secure a prosperous future built on knowledge, creativity, and the power of innovation,” he said, adding that protecting intellectual property rights is crucial for fostering innovation.

To realise the dream of Bangabandhu’s “Sonar Bangla” and Prime Minister Sheikh Hasina’s smart developed country, the state minister said, they must equip their people with skills and knowledge.

He was speaking at a project launching ceremony on the “Use of Intellectual Property Tools by Women Entrepreneurs in Bangladesh for Generation of Product Value and Economic Growth” at a hotel in Dhaka.

World Intellectual Property Organization (WIPO) Deputy Director General Hasan Kleib and officials from different ministries were present.

The state minister thanked WIPO for their invaluable support and collaboration with the government of Bangladesh in launching this project.

“I hope that the proposed project will be instrumental to harness IP tools, specifically trademarks and industrial designs, to improve the branding and packaging of the products of women entrepreneurs that will eventually help increase product value, enhance competitiveness, and facilitate access to national and international markets,” Shahriar said.

Together, he said, they can create an environment where women entrepreneurs thrive, innovation flourishes, and economic empowerment becomes a reality for all.

The state minister said the SMEs (small and medium enterprises) are the backbone of economy and their contributions to investment, job creation, and economic growth are invaluable.

At present, SMEs make up more than 90 per cent of the industrial units in the country and contribute 45 per cent to the value added in manufacturing.

Their contribution to the GDP (gross domestic product) has reached 25 per cent, with a total of 7.9 million SMEs and around 24 million people engaged in this sector, accounting for 30 per cent of the employed workforce.

Besides their direct impact, the SMEs also play a vital role in the supply chain of various goods and services, said the state minister.

To sustain the challenges of the post-LDC era, he said, it is critical to provide targeted support for SMEs, with a particular emphasis on leveraging the power of IP to enhance value addition, diversification, and access to new markets.

“Women-owned businesses deserve special attention in this regard and the government is highly committed to developing the sector,” said the state minister.