IP Rights Crucial In Achieving SDG : Jam Kamal

Minister for Commerce Jam Kamal Khan Friday emphasized the vital role of Intellectual Property (IP) Rights in driving innovation, creativity and achieving the Sustainable Development Goals (SDGs) in the country

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Apr, 2024) Minister for Commerce Jam Kamal Khan Friday emphasized the vital role of Intellectual Property (IP) Rights in driving innovation, creativity and achieving the Sustainable Development Goals (SDGs) in the country.

The minister reaffirmed the governments resolve to prioritize the development of a robust national Intellectual Property (IP) framework that fosters innovation and creativity for ensuring equitable access to the benefits of IP, especially for marginalized communities.

Addressing Seminar organized by Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with Intellectual Property Organization (IPO) to commemorate World Intellectual Property Day 2024, the minister said that Pakistan was blessed with huge natural resources and need to channelize these resources and streamline the direction.

This day holds special significance as we reflect on the crucial role of Intellectual Property in fostering innovation, creativity and ultimately advancing the Sustainable Development Goals (SDGs), he added.

The theme of the event was IP and SDGs: Building our Common Future with Innovation and Creativity as the event was also attended by the senior officials from the Ministry of Commerce, IPO and businessmen and academia.

Jam Kamal said that government will promote partnerships and collaborations between government, industry, academia, and civil society to drive innovation and entrepreneurship, with a strong emphasis on technologies and solutions that support the achievement of the SDGs.

The minister stressed the need to focus on leveraging IP as a strategic tool to accelerate progress towards the SDGs and said that the Ministry of Commerce was committed to advancing policies that strengthen the IP ecosystem, particularly in relation to sustainable development.

The government was also intended to invest in capacity-building initiatives to enhance awareness and understanding of IP Rights among entrepreneurs, researchers and innovators for enabling them to leverage IP effectively for sustainable development, he added.

He said that the the country was passing through challenging time and stressed the need for bringing more innovation to enhance the competitiveness of local products to capture international markets and to enhance exports from the country.

The minister lauded IPO-Pakistan and the Islamabad Chamber of Commerce and Industry for the commemoration of this important day and expressed the commitment to promote IP Rights and raising awareness.

Highlighting the significance of IP Rights, the minister said that these rights are fundamental drivers of innovation and creativity. He said that it incentivize individuals and businesses to invest in research and development, which in turn leads to the creation of new technologies, products, and services.

This innovation, he said spurred by IP protections, plays a critical role in addressing the challenges outlined in the SDGs, from eradicating poverty and hunger to promoting sustainable economic growth and fostering inclusive societies.

In our pursuit of the SDGs, IP serves as a powerful enabler across various sectors, he said adding that it supports advancements in healthcare by facilitating access to clean water and life-saving medicines and treatments.

The minister said that the IP rights were also vital for sustainable agriculture through the protection of plant varieties and agricultural innovations, adding that it also encourages clean and affordable energy solutions by safeguarding technological developments in renewable energy.

Jam Kamal assured every possible support of the Ministry of Commerce in establishment of expo-center and industrial estate extension projects of the ICCI for strengthening it initiatives to promote trade and investment opportunities in the Federal capital.

The minister also sought proposals from the business community to promote and develop business in the country, which he said would also be incorporated in upcoming federal budget for the financial year 2024-25.

Addressing the event, President ICCI Ahsan Zafar Bakhtawari urged the need of a proper mechanism for the strict implementation of IP rights.

He also urged the for rationalizing the power tariff in order to make the local products more competitive and capture due space in global markets as well as increasing exports to achieve sustainable economic development and social prosperity.