Photo: PID

DHAKA, Aug 24, 2026 (BSS) - Science and Technology Minister Faqir Mahbub Anam today called for stronger private-sector participation and public-private cooperation to transform Bangladesh into a trillion-dollar, knowledge-based and innovation-driven economy by 2034.

He made the call at a networking meeting titled "Developing Innovation Ecosystem Towards a Trillion-Dollar Economy" organised ahead of the "Bangladesh Innovation Fair 2026", scheduled to be held at Novo Theatre here from September 12 to 14, said a ministry press release. 

Faqir, also Posts, Telecommunications and Information Technology Minister, said the country's economy is undergoing an important transition and increasing the volume of traditional products and services alone would not be enough to maintain Bangladesh's competitiveness in global markets without high value-adding industries and innovative technologies. 

He said universities, research institutions and young entrepreneurs are developing new innovations, but limitations in technology transfer, regulatory approvals, intellectual property protection and marketing are preventing many of them from becoming successful businesses. 

The government is working to build an "end-to-end innovation ecosystem" by bringing innovators, entrepreneurs, investors and government agencies together, he said. 

Faqir said the government has formed a special startup fund of Tk 500 crore to commercially develop innovative ideas of the young generation. 

"Only the government cannot build an innovation-based economy," he said, adding that while the government would create the necessary policy framework and supportive environment, the private sector would have to take the leading responsibility for commercialisation, investment and technology adoption. 

Calling for a leading role by domestic entrepreneurs alongside foreign investment, he said high-tech and innovation parks in Sylhet, Rajshahi, Jashore and other parts of the country have modern infrastructure and land ready for industrial investment. 

The minister also called on businesses to actively participate in the Bangladesh Innovation Fair 2026 by showcasing their technologies, supporting innovators through mentoring and incubation, and identifying barriers to commercialisation or financing gaps to provide specific recommendations to 
the government. 

Science and Technology Secretary Md Anwar Hossain, who chaired the meeting, said the fair aims to bring innovators, researchers, universities, startups, industries, investors and policymakers under one platform to accelerate technology commercialisation, sustain economic growth, strengthen the national innovation ecosystem and facilitate Bangladesh's transformation into a trillion-dollar knowledge-based economy. 

He said initiatives have been taken to strengthen the country's innovation culture and build an integrated national innovation ecosystem involving academia, industry and government. 

The initiative will continue in the coming years as a sustained part of the country's innovation journey rather than remaining limited to a single fair, he said. 

Anwar said emphasis would be placed on "Research to Market" so that university research and publications can be developed to address real-world industrial problems instead of remaining confined to papers. 

He said efforts would also be made to bring innovations from corporates, academia, research institutions and individuals onto a central platform and give them commercial form through "Innovate Market". 

Steps will be taken to make more effective use of emerging technologies such as artificial intelligence, semiconductors, nanotechnology and biotechnology, he said. 

Representatives of FBCCI, FICCI, EuroCham, BACCO, Standard Chartered Bangladesh, HSBC Bangladesh, Bank Asia PLC, Mastercard Bangladesh, Grameenphone, Banglalink, Daffodil Group, Berger Paints Bangladesh, Mutual Trust Bank, PI Strategy, Runner Group, Evince Group, Dipon Group, SSG Bangladesh and BCMEA, among others, attended the networking meeting. 

Participants also shared views on policy reform, research commercialisation, startup financing, innovation governance, skills development, technology adoption and public-private partnership to establish Bangladesh as a globally competitive innovation hub.