Al Amin :
The long-standing demand of Bangladeshi researchers for increased research and development (R&D) funding, ideally at 3 percent of the country’s GDP, remains unmet.
Bangladesh currently lags behind its South Asian peers, including Sri Lanka, in R&D investments.
In a bid to address the needs of the fourth industrial revolution, the upcoming 2024–25 budget is expected to emphasise the research sector. Sources from the Finance Ministry have indicated that past budgets have neglected this sector, but the new budget will prioritise research and innovation.
The Prime Minister has reportedly directed officials involved in budget preparation to increase R&D allocations.
The government aims to advance the country’s technological capabilities to better face the challenges of the fourth industrial revolution.
Finance Minister Abul Hasan Mahmud Ali will present the new budget to Parliament on June 6, highlighting the enhanced focus on R&D.
An official involved in budget preparation stated, “There is no alternative to developing human resources to face the fourth industrial revolution. Following this, the government is giving priority to R&D in the new budget.”
Strengthening R&D capacity and technology development is seen as crucial to addressing the challenges posed by the fourth industrial revolution.
In the fiscal year 2022–23, Bangladesh’s R&D investment stood at a mere 0.03 percent of its GDP, according to the planning commission. In contrast, Vietnam invested 0.54 percent, India 0.70 percent, and China 2.55 percent of their GDP in R&D, as per World Bank data.
Khan Ahmed Syeed Murshid, former director-general of the Bangladesh Institute of Development Studies (BIDS), emphasised the importance of R&D investment for Bangladesh’s growth and its preparedness for the fourth industrial revolution.
“Investment in R&D is essential as Bangladesh is steadily growing and is going to face challenges stemming from the fourth industrial revolution,” Murshid told The New Nation.
He urged the government to prioritise R&D, allocate sufficient funds, and ensure their proper utilization. “A strong political will and understanding of its importance are necessary,” he added.
Murshid also highlighted the challenges Bangladesh faces in adopting external technologies and solutions.
“This forces many firms to hire experts from abroad to adopt new technologies and processes, which results in a spike in outward remittances from Bangladesh. So we need to innovate the technologies that are suitable for us,” he explained.
In the era of the fourth industrial revolution, artificial intelligence (AI) is expected to significantly impact the economy, creating millions of new jobs while also displacing traditional ones. “So, Bangladesh should prepare to adopt it and find out how we can make the most of it,” Murshid noted.
As Bangladesh progresses towards becoming a trillion-dollar economy within two decades and aims for upper-middle-income status by 2031 and developed nation status by 2041, focusing on R&D becomes imperative. “So, we should focus on R&D like other countries did,” the economist stressed.