ISLAMABAD, Aug 16: Adviser to the prime minister on finance and economic affairs Dr Salman Shah on Wednesday said intellectual property was critical for a competitive economy, as it had a special significance for socio-economic development in the ongoing globalisation movement.

“It is being used as a powerful tool for economic growth and social development as globalization affects the developing world. Sustainable development depends largely on hi-tech R&D base of the country and efficient information,” he added.

The adviser stated this while speaking at the inaugural session of WIPO roundtable on formulation and implementation of a national intellectual property strategy here.

Dr Shah pointed out that new concept of IP based society was gaining ground. Realizing the critical IP-economy linkages, he said, the government had increased its policy focus on intellectual property management, and upgradation of intellectual property infrastructure was also an essential part of the government's economic agenda.

Thus, he said IP had been a mainstream and brought under the limelight of public policy by simultaneously establishing IPO-Pakistan, empowering FIA and activating Pakistan Customs against piracy.

The adviser said there was also no dearth of financial commitment, as the government had provided sufficient funds to meet the start-up requirements of IPO-Pakistan. He said the government provided Rs113 million in 2005-06 and Rs136 million had been earmarked for IPO-Pakistan during the financial year 2006-07.

Dr Shah said the government was also aware that the new IPO organization had to start from a scratch and thus it had been on the run ever since its inception for its initial setting up requirements.

As the global IP regime strengthens due to implementation of the agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), he said it also raised new questions about its impact on economic growth.

He said the improved IP management could play an important and positive role in promoting economic growth and in any case, the system of IP management needed be structured in a way as to promote and protect the national interests to achieve the economic objectives.

Dr Shah said Pakistan's first and second generation of economic and institutional reforms had put Pakistan on the path to achieving the much-needed knowledge-economy based on innovation and inventiveness.

Earlier, IPO-Pakistan chairman Waseem Haqque and director general Yasin Tahir in their speeches highlighted the importance of subject and stressed the need for taking steps to meet the challenges of globalisation movement.

They also underscored the need of the creating awareness among the public and stockholders about the subject and adopting necessary steps to cater to the need of the hour.

The roundtable conference will continue its deliberations till August 18.—APP