ISLAMABAD: The Overseas Investors Chamber of Commerce and Industry (OICCI) has urged Commerce Minister Syed Naveed Qamar to appoint Chairman Intellectual Property Organisation of Pakistan (IPOP) as the position is vacant for long time.
The OICCI, the collective body of top 200 plus foreign investors/multinationals in Pakistan and its members, belonging to 30 countries, are the largest investors and tax contributors in Pakistan and also the proud owner of many Intellectual Property Rights (IPRs) in the country.
In a letter to Minister for Commerce, the OICCI’s Secretary General, CE, Abdul Aleem, has said that effective protection of IPR, comprising of Patents, Trademarks and Copyrights etc. are critical for attracting Foreign Direct Investment (FDI) in the country, adding that the purpose of the letter is to seek Minister’s support in urgently filling the position of Chairman, IPOP which has remained vacant since June 2021. As a consequence, the IPOP policy board, of which OICCI is one of the critical member, has not met since May 2021.
“We recommend that pending appointment of a fulltime chairman IPOP may be advised to conduct its quarterly Policy Board meeting through an acting chairman from among its members. This may give the foreign investors the confidence that matters relating to IPR protection is taken seriously by government of Pakistan,” Abdul Aleem said.
The OICCI has also invited commerce minister for a meeting with CEOs of leading MNCs in Pakistan giving them an opportunity to present him a comprehensive overview of their activities including how IPR matters affect FDI inflow in Pakistan.
According to OICCI IPR Survey 2021, loss in revenue due to IPR infringements ranges up to 30% of an organization’s turnover aggregated over three years.
Copyright Business Recorder, 2022
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