KARACHI: Unilever Pakistan has partnered with Brand Protection System (BPS) to organise a conference to highlight the economic impact of counterfeit products in Pakistan.

The conference fostered a discussion among industry leaders and experts on the current laws, regulations, and practices in IPR and explored possible solutions to tackle this critical issue.

Counterfeit goods are estimated to comprise over 5 percent of world trade whereas in Pakistan, the FMCG sector faces 80 percent cases of counterfeit items being sold in the market.

The proliferation of counterfeit products has become a growing concern and in 2022, the issue reached a new peak, with brands experiencing 10 times the number of counterfeit cases compared to other industries. This trend has had a significant impact on the country's economy, prompting businesses to take action.

Amir Paracha, Chairman & CEO, Unilever Pakistan, highlighted: "As a responsible business, we have a duty to protect our consumers and the integrity of our brands. The rise of counterfeit products in the FMCG sector is a worrying trend that requires immediate action. Through collective effort and innovative solutions, we are determined to combat this issue and ensure that our consumers receive genuine and safe products."

Muhammad Kashif Aslam, Managing Director, BPS added: "The growth of counterfeit market in Pakistan has become a severe threat to the country's economy. The proliferation of fake products not only affects the revenue of genuine businesses but also poses serious health and safety risks to consumers. The need for a comprehensive approach to address this issue is more critical than ever.”

Copyright Business Recorder, 2023