LAHORE: Lahore Chamber of Commerce and Industry vice president Haris Ateeq has said that intellectual property rights (IPRs) are the most valuable asset for any entrepreneur.

Speaking at a meeting of the IPR Enforcement Coordination Committee arranged by the IPO-Pakistan at the LCCI, he said the importance of IPRs could not be underestimated, particularly with reference to safeguarding the interest and future prospects of the business community.

Ateeq said the IPRs were critical for a competitive economy in the backdrop of the ongoing globalisation. He urged the private sector not to neglect IPRs, as they provide an important revenue stream, offer customers something new and different and form an essential part of marketing or branding.

The LCCI vice president suggested launching a vigorous awareness campaign for sensitising consumers about their legitimate rights to opt for genuine and branded products and services.

The government should also make efforts to curb counterfeiting and piracy, he said, adding that the counterfeit products are not only depriving the government of revenue but also denting the reputation of the genuine manufacturers.

He urged the government to make foolproof arrangements for checking import and manufacturing of counterfeit products.

Ateeq also demanded the government to devise a mechanism to reinforce anti-piracy laws.

The government should launch a campaign to create awareness among the masses against counterfeit products, he added.