The task force report on re-strategising the Economy and Mobilising Resources for Equitable and Sustainable Development said that Bangladesh can boost its economy by using innovation and R&D to diversify, improve productivity, and add value to its products.
A 12-member task force, formed by the planning ministry in September 2024, submitted its report to interim government chief adviser Professor Muhammad Yunus on January 30.
The report said that despite Bangladesh has immense potential through innovation and R&D, significant hurdles remain.
鈥楶oor ICT infrastructure, high costs of advanced technologies, limited skilled labour, and resistance to change were some of the main challenges,鈥� the report said.
The ICT sector, in particular, has great potential to drive economic diversification and export growth, said that report.
Investments in R&D for software, artificial intelligence, and fintech could help Bangladesh tap into high-value global markets.
However, the report noted that the country鈥檚 low R&D expenditure, which is currently less than 0.5 per cent of GDP, is a major obstacle to innovation.
Advanced technologies, such as automation, the Internet of Things, and 3D printing, could improve efficiency and quality in manufacturing industries, including electronics, pharmaceuticals, ready-made garments, it added.
However, the report pointed out that a lack of a national strategy for adopting Industry 4.0 and weak intellectual property protection are discouraging progress.
The report recommended increased investments in ICT infrastructure, human capital development, and state-of-the-art research facilities.
Establishing innovation hubs, strengthening IP laws, and encouraging public-private partnerships would help create a more conducive environment for R&D, it said.
Additionally, financial incentives such as tax breaks and grants could attract foreign investment and support local technology-driven enterprises, the report noted.
Despite the challenges, the report highlighted that strategic investment in ICT and R&D could position Bangladesh as a competitive player in the global knowledge economy.
Collaboration between the government, private sector, and academic institutions is crucial for overcoming barriers and fostering sustainable growth, it said.
