The American Chamber of Commerce in Bangladesh (AmCham) on Monday held a virtual panel discussion titled "Intellectual Property Rights - Protection and Practices in Bangladesh".
JoAnne Wagner, Chargé d' Affaires, the United States Embassy in Bangladesh, attended the discussion as chief guest.
Speakers at the discussion said strong and effective IP protection is a powerful incentive for firms to invest in generating new technology.
They also highlighted that IPRs are essential to achieve market diversification and to shift towards higher value-added products and services.
The protection of IPR encourages innovation, contributes to a sound business environment and increases Bangladesh's ability to attract foreign investment, speakers said.
There is an urgent need for basic capacity building, they mentioned, adding that awareness on IPRs among most institutions, businesses, researchers and the public is limited.