Investment in research and innovation vital for strengthening local manufacturing

Investment in research and innovation (R&I) is essential for fostering sustainable development and enhancing the competitiveness of local manufacturing industries.

Panellists made the observation during a panel discussion at the 'ATS Expo-2024,' organised by Walton at Bashundhara International Convention City in Dhaka today (6 December).

The panel discussion, titled "Strengthening Local Manufacturing: The Rise of Bangladesh in Electronics Industry," was moderated by Tanvir Anjum, senior executive director and business coordinator to the managing director of Walton Hi-Tech Industries PLC.

Panellists included Professor Quamrul Ahsan, vice-chancellor of the University of Asia Pacific; Syed Tahmid Zaman Rashik, managing director of Best Electronics Limited; Kamrul Hasan, commercial director of Daraz Bangladesh Limited; and Mofijur Rahman, managing director of KED Solutions Limited.

Highlighting the central role of R&I, Tanvir Anjum said, "Sustainable growth in manufacturing relies heavily on research and innovation. Local producers must prioritise significant investment in this area."

He noted Walton's commitment to R&I, which has led to the establishment of South Asia's largest R&I centre at Walton Hi-Tech Park, employing over 2,500 skilled engineers from home and abroad.

This team is continuously developing eco-friendly, innovative products, contributing to Walton's production of over 50,000 industrial solutions and components.

Quamrul Ahsan stressed the need for backward linkages to accelerate the growth of domestic industries.

"Walton has made remarkable progress in this regard," he said. He also called for stronger collaboration between industry and academia.

"Connecting teachers and students to industrial activities, such as internships and joint research, can bridge the gap between theory and practice, benefitting both academia and the industry."

Syed Tahmid Zaman Rashik credited Walton for spearheading a revolution in Bangladesh's electronics sector.

"Fifty years ago, investing in this sector was a huge risk. Today, nearly all electronics products in the country are manufactured locally," he said.

Kamrul Hasan stressed the importance of attracting foreign investment to bolster domestic manufacturing and improve R&I.

"If we enhance our investment in research, our country could soon rival China in the electronics sector," he added.

Mofijur Rahman highlighted the advancements made by domestic manufacturers in energy-efficient product development.

"Walton has set a benchmark in this area, producing items such as air conditioners, refrigerators, elevators, and televisions locally, all while ensuring environmental sustainability," he said, noting the growing popularity of these products among customers.

The ATS Expo-2024 showcased over 50,000 industrial solutions and components developed by Walton, aiming to reduce import dependency and save billions in foreign currency.

The fair received an enthusiastic response from domestic industrial organisations and buyers.