Investment in R&I needed for strengthening local manufacturing industries

The importance of increasing investment in product research and innovation to ensure the sustainable development of domestic production-oriented industries and to increase competitive capabilities has been highlighted at a panel discussion organized by Walton.

The panel discussion on “Strengthening Local Manufacturing: The Rise of Bangladesh in Electronics Industry” was held on the second day of 'ATS Expo-2024', the largest solo tech fair organized by Walton, at Bashundhara International Convention City in the capital on Friday (December 6) afternoon.

Tanvir Anjum, Senior Executive Director and Business Co-Ordinator to Managing Director of Walton Hi-Tech Industries PLC., moderated the discussion where Vice-Chancellor of University of Asia Pacific Prof. Dr. Quamrul Ahsan, Managing Director of Best Electronics Limited Syed Tahmid Zaman Rashik, Commercial Director of Daraz Bangladesh Limited Kamrul Hasan and Managing Director of KED Solutions Limited Engineer Mofijur Rahman were the panelists.

During the panel discussion, Tanvir Anjum, Senior Executive Director of Walton Hi-Tech Industries PLC. said that the sustainable growth of any manufacturing industry depends on Research and Innovation (R&I) activities. There is no substitute for R&I in developing domestic manufacturing industries. Local producers have to invest a lot in this sector.

He said, Walton has been giving special importance on Research and Innovation since the beginning. Therefore, South Asia's largest R&I center and team has been established at Walton Hi-Tech Park.

Separate R&I team is working for each Walton product. Currently, more than 2500 highly skilled and talented engineers from home and abroad are working in Walton's R&I team. They are constantly producing new models of eco-friendly products with innovative technology and features through relentless research. As a result of their research and innovation, Walton is producing more than 50,000 industrial solutions and components.

Emphasizing on contemporary domestic industry friendly policies, Vice-Chancellor of University of Asia Pacific Prof. Dr. Quamrul Ahsan said, backward linkage is required for domestic industry. The domestic industry will advance rapidly for that. Walton has made huge improvements in this regard.

He also said that there is a huge gap in our industry-academia synergy which needs to be bridged.

Domestic industries should be involved in university academia activities. Besides, the teachers and students should be connected to various activities including industry-run internships and research. In this, teachers and students can get practical experience of the industry; Similarly, the industry will get skilled manpower. In this way industry-academia should focus on joint research.

Managing Director of Best Electronics Limited Syed Tahmid Zaman Rashik said that there has been a big revolution in the electronics sector of Bangladesh in the last 50 years. Walton was the driving force in this revolution. Walton invested in the electronics sector at that time taking a huge risk. At present, almost hundred percent of the products of electronics sector are produced in the country by various companies.

In the discussion, Commercial Director of Daraz Bangladesh Limited Kamrul Hasan said that a lot of foreign investment must be ensured within the country which will be benefited for manufacturers in the country. Employment will be generated. Besides, the research and development (R&D) sector will also be able to improve. R&D is very important for our internal development. And this is where our investment is very low. If we improve in these aspects, our country can become the second China in the electronics sector soon.

Managing Director of KED Solutions Limited Engineer Mofijur Rahman said that the domestic manufacturers have advanced a lot in the production of energy efficient products. Walton created an example in this sector. Ensuring environmental protection, Walton is manufacturing various energy efficient products such as air conditioners, refrigerators, elevators, TVs, fans in its own production plant in the country. These products of Walton are getting huge customer popularity.

It should be noted that ATS Expo has been organized with the aim of saving billions of dollars foreign currency by reducing import dependency by introducing more than 50,000 industrial solutions and components produced by Walton to domestic and foreign industrialists and buyers. Walton is getting a great response from various domestic industrial organizations in the fair.