Dhaka: 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.
According to Bangladesh Sangbad Sangstha, Titumir highlighted that many countries around the world have research and innovation funds, which can be used to encourage research and innovation. He suggested that different councils could be formed to allocate money from the fund through a competitive process. Titumir also discussed the government's "3-R" strategy to transition the economy from fragility to prosperity, emphasizing Recovery, Restoration, and Reconstruction stages.
Titumir outlined three major goals for Bangladesh: building a $1 trillion economy by 2034, achieving sustainable graduation from the Least Developed Country category, and attaining the Sustainable Development Goals where the country is currently lagging. He noted the government's initiative to establish Bangladesh as a major global manufacturing hub, with Oman showing interest in joint cooperation. Furthermore, he mentioned Bangladesh's efforts to strengthen geo-economic cooperation with countries in Europe, Asia, Latin America, and Western Europe.
Drawing on Bangladesh's historical context, Titumir reflected on the first industrial fair during Shaheed President Ziaur Rahman's tenure, which contributed to the development of entrepreneurs and the foundation of the readymade garment sector. He also acknowledged the strengthening of the Ministry of Science and Technology under late Begum Khaleda Zia's leadership. He urged for the institutionalization of research and technology development and emphasized the significance of young talent in achieving the government's vision of "Bangladesh First."
Science and Technology Secretary Anwar Hossain, speaking as a special guest, noted that major industrial and technological revolutions worldwide often originated from small-scale innovations. He encouraged innovators to value their ideas, regardless of scale, as they hold immense potential. Hossain revealed that although many organizations expressed interest in the fair, only 50 innovations were selected for the final exhibition. The top 10 innovations will be awarded based on the jury board's decision, and each of the top 50 innovators will receive a certificate and Taka 10,000 from the ministry. Additionally, five universities will receive special recognition for outstanding performance.