ISLAMABAD, Aug 15: Prime Minister Shaukat Aziz has said Pakistan is pursuing the implementation of Intellectual Property Rights (IPR) laws with the objective to protecting the rights of all stakeholders, including investors.

He was talking to Alan P. Larson, senior international investment adviser to a US-based law firm and former under-secretary, economic, business and agricultural affairs, who called on him at the Prime Minister’s Secretariat here on Tuesday.

Mr Aziz said Pakistan was geared to position itself as a major exporter of pharmaceuticals and was also protecting patents rights to ensure that people got quality drugs on affordable rates.

The premier said the government had already set up the Intellectual Property Rights Organisation (IPRO), which was an independently regulatory body, fully dedicated to prepare and implement the IPR laws in line with the best international practices.

He said Pakistan had made substantial progress on the IPR laws issue. “Strict laws have been framed, enforcement mechanism has been strengthened and the country is gradually moving towards complete enforcement of these laws.”

The prime minister said the investment friendly policies with level-playing field provided to local and foreign investors, the geo strategic location of Pakistan, availability of cheap skilled labour, world class infrastructure and reduced cost of doing business had made Pakistan a suitable location to be a regional hub for production and exports.

He said economic fundamentals of the country had steadily improved during the last seven years.

Despite the shocks caused by a surge in oil prices in the international market and the huge damages caused by the earthquake during the last financial year, the country achieved a 6.6 per cent growth, the prime minister said, adding that this year there were bright prospects of higher growth.

Alan P. Larson said US companies were showing keen interest in investing in Pakistan. He particularly referred to innovation in life science and said Pakistan had potential to receive more investments in many sectors, including pharmaceuticals.