The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The absence of a modern intellectual property rights regime and full World Trade Organisation (WTO) membership means Bahamian entrepreneurs do not enjoy “maximum protection” for their unique products and designs in foreign markets, a Cabinet minister said yesterday.

Addressing the opening of a World Intellectual Property Organisation (WIPO) seminar in the Bahamas, Ryan Pinder, minister of financial services, said intellectual property (IP) safeguards were vital to atrracting technology and innovation-based companies to the Bahamas.

Noting that copyright and IP protections were also vital to safeguarding the works of artists and musicians, Mr Pinder said: “Today we have an example of such a young entrepreneur. He tells me a story where he sought to have his unique and creative Bahamian designs sold in the Chinese markets.

“He was told that he could distribute his product in this international market.

“However, due to a lack of accession to the WTO, and partly due to the need for a modernised IP regime, his unique Bahamian designs would not have maximum protection.”

Pledging that the Government would move to address both counts, Mr Pinder said IP was also critical to manufacturers and producers who wanted to trademark goods, protecting them from ‘fakes’ that could harm brand reputation and quality.

“We as a country are committed to further developing our economic model, causing the Bahamas to be a trade and industry hub for the region,” Mr Pinder said.

“ In order, however, to expect international companies who have as their asset technology, inventions or other forms of intellectual property as a component of their business and production, we need to ensure that their intellectual property can be protected here and internationally in order to expect them to do business in the Bahamas.

“The economic development of the Bahamas, the development as a trade and industrial jurisdiction, is predicated on having the necessary legislation, infrastructure and compliance with international best practices. This is an underpinning of the initiatives of the Government of the Bahamas in intellectual property reform.”