A piece of fake Louis Vuitton material on display. - Reuters Photo.

ISLAMABAD, Dec 27: Foreign investors have called upon the government to contain piracy and counterfeiting of registered brands as it was not only damaging brand names, but also causing loss to businesses.

The participants gave suggestions and were assured by the IPO chairman that Pakistan has great potential for local and foreign investment.

However, government was striving to bring economic stability by encouraging trade and commerce-related activities in the country.

The IPO chairman said that after upgrading infrastructure and strengthening of IP regime, the legislation process of IP is in its final stage and with the cooperation of World Intellectual Property Organisation (WIPO), training courses of IP professionals and representatives of stakeholders are progressing effectively.

He further said that appropriate measures had been adopted to upgrade the facilities in the offices of IP Registries and an automation project in this regard is also being implemented.

Highlighting the role of corporate sector in promotion of IP, Mr Afridi said that enforcement mechanism has been upgraded by seeking close cooperation of members of enforcement agencies and areas of mutual cooperation would be explored between IPO and Trade organisations.

It was pointed out that vigorous media campaign had been started for elimination of counterfeiting and piracy besides creating awareness regarding punitive actions against violation of IP rights.

IPO Director-General Sajjad Ahmad Bhutta stressed the need capacity building of IPO officials and members of he enforcement agencies.

He said that a lot of work is required to be done to get excellence in the field of IP.

ABC Vice President Saad Amanullah Khan and OICCI President Naved Khan pointed towards the difficulties being faced due to piracy and counterfeiting.