Lack of protection to intellectual property behind low foreign investment: CPD

The lack of protection for intellectual property is a contributing factor to the low foreign investment in Bangladesh, Debapriya Bhattacharya, a distinguished fellow at the Centre for Policy Dialogue (CPD), has said.

"If we want more foreign investment and technology, intellectual property protection should be ensured," he said during a media briefing on "Sundarbans honey now India's Geographical Indication (GI) product" at the CPD office in the capital yesterday (26 June).

He said various foreign companies refrain from adopting new apps and software in their operations due to the absence of protection under Software or Digital Acts. Science, technology, and innovation are pivotal for driving productivity, which cannot thrive without adequate intellectual property protection.

Regarding India's GI certification of Sundarbans honey, Debapriya said India applied for GI certification of honey in 2021. Geographic Indications (GI) was approved on 2 January, where it is said India is the single and unique producer of honey of the Sundarbans. The West Bengal Forest Department tweeted this.

"If two to three times more honey is produced in the Sundarbans of Bangladesh compared to India, how can India promote Sundarbans honey as a unique product on the international stage?" he said.

He said all ministries of the Bangladesh government should collaborate to protect Geographic Indications (GI). A comprehensive list of products must be compiled through a survey, and coordinated efforts are necessary to gain GI certification.

"We need to work with the European Union on GI products and establish an agreement with them. We should consider joining the Paris Convention and the Geneva Convention Act. However, our primary goal should be to sign a bilateral agreement with India to secure GI recognition for products that exist in both Bangladesh and India,"  Debapriya added.