FBCCI, Faction sign MoU to boost research, innovation

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex trade body of Bangladesh, and Faction, a US-based company, have signed a Memorandum of Understanding (MoU) to enhance cooperation in establishing the FBCCI Innovation and Research Center.

FBCCI President Md. Jashim Uddin and Faction Co-Founder Max Garza III signed the MoU on behalf of their respective organizations yesterday evening at the Bengal Commercial Bank head office in the capital.

FBCCI senior vice president Mostofa Azad Chowdhury Babu, vice presidents MA Momen, Md. Amin Helaly, Md. Habib Ullah Dawn, acting secretary general Ambassador Mosud Mannan, and chief executive officer of the FBCCI Innovation and Research Center, Bikarna Kumar Ghosh were present, among others, at the signing ceremony, said a press release today.

Speaking on the occasion, the FBCCI President said that Bangladesh is moving towards smart and digitization. “We must ensure the maximum use of technology to build a developed Bangladesh by 2041 as announced by the Prime Minister. At the same time, country’s businessmen must increase capacity to work with the government at the policy level with the problems and possibilities of the private sector.”

He said the collaboration between FBCCI and Faction in the domains of innovation and research will significantly benefit the business landscape of Bangladesh.

Jashim said instead of adopting a ‘one product, one policy’ approach, focus must be on sector-wise policies to encourage product diversification.

“Innovation and research should be prioritized to foster differentiation among various sectors and clusters,” FBCCI President added.

The FBCCI president also noted that these initiatives with Faction aim to establish linkages between universities, students, and organizations of both countries.

“By leveraging the expertise and knowledge-sharing between the best universities and institutions of the United States and Bangladesh, both nations will reap substantial benefits,” he said.

Faction Co-founder, Max Garza III, expressed his enthusiasm for the partnership and acknowledged the immense potential for mutual growth.

He stated that the collaboration between Faction and FBCCI would not only benefit Bangladesh, but also contribute to the advancement of research and technology worldwide. (BSS)