Intellectual property copyright refers to an assurance when someone’s creation and innovation generates a sort of beneficial business model that benefits the original creator. This intellectual copyright is also one of the foundations for development in a market economy. Myanmar is also working to successfully establish this foundation for her development. The Right to Intellectual Property Copyright Registration Act was enacted in 1909 and Myanmar Copyright Act was enacted in 1914, along with other related Acts, to safeguard intellectual property in the present age. But just these laws are not sufficient to fulfill the current needs of the country; which is why the Hluttaw is discussing four proposed bills to aid in this venture. Namely, bills for invention patents, trademark copyright, literature and arts copyright and industrial design copyright. The good news is the Pyithu Hluttaw has approved all four bills. It is only left to the Amyotha Hluttaw to discuss them and take a suitable course of action. If the four aforementioned bills are passed by the legislature then they will be of much help to the nation’s economic development. The current reality is that without adequate laws to protect innovators, local entrepreneurs and bright-minded individuals do not have a safety net for their ideas and creations. On a related topic, foreign brands entering the country do not have protection of their images and trademarks as well. This is a major deterrent to foreign investment in Myanmar and is consequently a hindrance to both domestic and external businesses. But there is hope for the Hluttaw representatives are hard at work debating and discussing to overcome this obstacle and it would not be long now until the much-needed laws are enacted. Once these laws are enacted, a relevant office for handling intellectual property copyrights will emerge as well and will offer protection in accordance with the set rules and regulations. Thus, the arrival of laws to safeguard intellectual property is greatly welcomed with deep respect and full support.
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