Business & Finance | Socioeconomic uncertainties fuel counterfeiting

7 Dec 2015

Globally, over 750,000 jobs are lost annually due to counterfeiting and the costs and negative effects of counterfeit products on all stakeholders were broad and numerous, ranging from lost taxes, royalties and other revenue, loss of goodwill and reputation, reduces incentive to innovative and invest and lower employment, Director, Consumer Affairs and Information, Chandrika Thilakarathne told a Seminar on counterfeiting organized by the American Chamber of Commerce (AmCham) at the Hilton Colombo Residencies on Wednesday.