Intellectual Property Rights Promote Franchising Sector

The News:

Intellectual Property (IP) rights play a very crucial role in the development of franchising sector in the country which is a tool whereby an enterprise can have access to competitive technology and go globally.

Punjab Minister for Housing Mian Shafqat Ali stated this while speaking at a 2-day seminar organised by the Lahore Chamber of Commerce and Industry (LCCI) in collaboration with the World Intellectual Property Organisation (WIPO).

He said the franchising enables a local enterprise to become part of a global supply chain. He said over the last 2 decades, it has become the fastest growing way of doing business in every country of the world as the risk factor of proven business is lesser than starting totally a new business.

He said the government is making all-out efforts to equip the local SMEs with information regarding local and foreign franchise opportunities. Speaking on the occasion, the LCCI President Shahid Hassan Sheikh said realizing the importance of intellectual assets, the country has already taken unprecedented measures for the effective enforcement of the IP and the results are marvelous as a large number of foreign brands are providing job opportunities to Pakistanis.