Unilever Pakistan and Brand Protection System (BPS) have joined forces to plan a conference to raise awareness of the financial impact of fake goods in Pakistan. IPR laws, rules, and practises were discussed during the conference by experts and executives in the business, who also looked at potential solutions to this pressing problem.
Around 5% of global trade is reportedly made up of counterfeit goods, while in Pakistan, the FMCG industry deals with an estimated 80% of incidents of counterfeit products being sold on the open market.
Concern over the growth of counterfeit goods has increased, and in 2022, it hit a new high when brands encountered 10 times as many counterfeit instances as other industries.Businesses have responded as a result of this trend’s major impact on the economy of the nation.
Chairman and CEO of Unilever Pakistan, Amir Paracha, emphasised: “As a responsible business, we have an obligation to safeguard our customers and the reputation of our products. It is critical to take prompt action in response to the alarming trend of increasing counterfeit goods in the FMCG industry. We are motivated to address this problem and make sure that our customers obtain genuine and secure items through coordinated effort and creative solutions.
“The expansion of the counterfeit market in Pakistan has become a serious danger to the country’s economy,” remarked Muhammad Kashif Aslam, Managing Director of BPS.
In addition to harming legitimate firms’ bottom lines, the spread of fraudulent goods puts customers’ health and safety at considerable danger. It is more important than ever that this problem be addressed in its entirety.
The conference gave participants the chance to learn more about the difficulties presented by counterfeit goods and the effects they have on various industries. It also served as a forum for the exchange of information and expertise in order to create a complete strategy to deal with the issue.
The partnership between BPS and Unilever Pakistan is an encouraging beginning in addressing this problem, preserving the integrity of Pakistan’s economy, and defending consumers from fake goods.The meeting marks a significant turning point in our shared endeavour to safeguard consumers and advance fair competition in the FMCG industry and beyond.