Prime Minister's Finance and Planning Adviser Prof Dr Rashed Al Mahmud Titumir today called for establishing a Research and Innovation Fund to expand the scope of research and innovation in Bangladesh.
"The fund could receive contributions from individuals and companies. If the private sector comes forward, the government will certainly consider what changes can be made in the tax system to facilitate such contributions," he said.
The adviser was speaking as the chief guest at the closing ceremony of Bangladesh Innovation Fair-2026 in the city, said a press release.
Titumir said many countries around the world have research and innovation funds, which can be used to encourage research and innovation.
Different councils could be formed to allocate money from the fund through a competitive process, he added.
Titumir said the government is implementing a "3-R" strategy to take the economy from fragility towards prosperity.
The three stages are Recovery, or initial economic recovery; Restoration, or restoring stability; and Reconstruction, or rapid economic rebuilding, he added.
He said Bangladesh needs to pursue three major goals in a coordinated manner: building a $1 trillion economy by 2034, achieving a sustainable graduation from the Least Developed Country (LDC) category and attaining the Sustainable Development Goals (SDGs) where the country is lagging behind.
Referring to the government's initiative to establish Bangladesh as a major global manufacturing hub and gateway, Titumir said Oman has already extended its hand for joint cooperation towards this goal.
He said Bangladesh is also strengthening geo-economic cooperation with countries in Europe, Asia, Latin America and Western Europe to maintain global supply chains.
Drawing on the country's historical context, he said the first industrial fair during the tenure of Shaheed President Ziaur Rahman contributed to the emergence of the country's first class of entrepreneurs and laid the foundation for the readymade garment sector.
He said the foundation of the Ministry of Science and Technology was subsequently strengthened during the tenure of late Begum Khaleda Zia.
"It is now the right time to utilise the talent of young people, inspired by the current government's vision of 'Bangladesh First'," he said.
Titumir called for institutionalising the development of research and technology instead of limiting it to temporary exhibitions or events.
He said the government's main goal is to build a democratic, humane and prosperous welfare state by taking the innovative ideas of young people "from garage to galaxy."
Speaking as special guest, Science and Technology Secretary Anwar Hossain said major industrial and technological revolutions around the world had often originated from innovations that started on a small scale or even on a small table.
"So, no innovator should consider their idea small or insignificant. Every idea, whether presented or not, has immense potential," he said.
He said although many organisations had expressed interest in participating in the fair, 50 innovations were selected for the final exhibition.
Of these, the top 10 innovations will receive awards based on the decision of the jury board.
Each of the top 50 innovators will receive a certificate and Taka 10,000 as financial recognition from the ministry.
In addition, five universities will receive special recognition for their outstanding performance.
