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Dhaka, Bangladesh, February 10, 2013
—IFC, a member of the World Bank Group, is helping the government of Bangladesh institute an automated system for protection of trademarks, patents, and industrial designs to boost industrial growth in the country.
With the automated system, the Department of Patents, Designs and Trademarks under the Ministry of Industry can now receive applications, verify originality, and grant registration based on a digitized database of all protected trademarks, patents and designs. Online registration will help industries protect their intellectual property quickly and easily. Bangladesh Investment Climate Fund, managed by IFC in partnership with the UK Government and the European Union, has supported the initiative.
“Automating and simplifying government services to boost industrial growth have been a priority in the country,” said Mohammad Moinuddin Abdullah, Secretary, Ministry of Industry. With an integrated system in place, businesses will be encouraged to secure trademarks, patent innovations and reap higher returns on investments.
Searching information on registered trademarks and innovations or verifying patent claims will also become faster and more efficient. Through automated and timely registration, Bangladesh can enforce intellectual property rights and tackle infringement more effectively, spurring industry to innovate and excel.
"Protection of intellectual property is vital for growth of industries and businesses," said Masrur Reaz, IFC Program Manager. “This initiative will allow the government to offer faster and more efficient services to businesses in protecting their trademarks and innovations for a competitive edge.”
IFC’s recent role in introducing online tax payment, automated customs, online business registration and resolution of business disputes has helped create a more conducive environment for business in Bangladesh. IFC is committed to supporting inclusive economic growth, driven by private sector development and increased investment, which is crucial to creating employment opportunities and reducing poverty.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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