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FBCCI and 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 organisations on Sunday at the Bengal Commercial Bank head office in the capital.

Distinguished attendees at the signing ceremony included FBCCI Senior Vice President Mostofa Azad Chowdhury Babu; Vice Presidents M A 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.

The FBCCI president said, “Bangladesh is moving towards 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 on the policy level with the problems and possibilities of the private sector.” The collaboration between FBCCI and Faction in the domains of innovation and research will significantly benefit the business landscape of Bangladesh, he added.

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 prioritised to foster differentiation among various sectors and clusters, the FBCCI president added.

Md. Jashim Uddin noted that these initiatives with Faction aim to establish linkages between universities, students, and organisations in both countries. By leveraging the expertise and knowledge-sharing between the best universities and institutions in the United States and Bangladesh, both nations will reap substantial benefits.

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.