The importance of increasing investment in product research and innovation too ensure sustainable development of domestic production-oriented industries and increase competitive capabilities was highlighted in a discussion meeting organized by Walton.
The panel discussion titled “Strengthening Local Manufacturing: Emergence of Bangladesh in Electronics Industry” was held on the second day of ‘ATS Expo-2024’, the largest single industry fair organized by Walton, at Bashundhara International Convention City in the capital on Friday (December 6) afternoon.
Vice-Chancellor of asia Pacific University Professor Dr. Tanveer Anjum, Senior Executive Director and business Coordinator to Managing director of Walton Hi-Tech Industries PLC, spoke at the meeting. Kamrul Hasan,Best Electronics Limited Managing Director Syed Tahmid Zaman rashiq,Daraz Bangladesh Limited Commercial Director Kamrul Hasan and KED Solutions Limited Managing Director Engineer Mofizur Rahman.
Tanveer Anjum, Senior Executive Director, Walton said in the panel discussion, “Sustainable growth of any manufacturing industry depends on Research and Innovation (R&I) activities. There is no choice to R&I in developing domestic manufacturing industries. Local producers will have to invest a lot in this sector.
He said, “Walton has been giving special importance to research and innovation from the beginning. Thus, South Asia’s largest R&I center and team has been established at Walton Hi-Tech Park. Separate R&I teams are working for each Walton product. Currently, Walton’s R&I team has more than two and a half thousand highly skilled and talented engineers working at home and abroad. They are constantly producing new models of eco-friendly products with innovative technology and features through relentless research. As an inevitable result of their research, Walton is producing more than 50,000 industrial solutions and components.
Asia pacific University Vice-Chancellor Prof. Kamrul Hasan said, “Backward linkage is required for domestic industry.the domestic industry will advance quickly. In this respect Walton has made great progress.”
He further said, “There is a huge gap in our industry-academia synergy, wich needs to be bridged. domestic industries should be involved in university academic 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.”
Syed Tahmid Zaman Rashiq, Managing Director of Best Electronics Limited said, “There has been a big revolution in the electronics sector of Bangladesh in the last 50 years.Walton was the driving force behind this revolution. Walton invested in the electronics sector at that time taking a huge risk. At present, almost 100% of the products of the electronics sector are being produced in the country by various industrial companies.
in the meeting, Commercial Director of Daraj Bangladesh Limited Kamrul Hasan said, “A lot of foreign investment must be ensured inside the country. only the manufacturers in the country will benefit from this.Employment will be created in the country. 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.”
Engineer Mofizur Rahman, Managing Director of KED Solutions Limited said, “The domestic manufacturers have advanced a lot in the production of energy efficient products. Walton created an example in this case.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. Walton’s products are getting huge customer popularity.
ATS Expo has been organized with the aim of saving billions of dollars in foreign exchange by reducing import dependency by showcasing more than 50,000 industrial solutions and components produced by Walton to domestic and foreign industrialists and buyers. Walton is getting great response from various domestic industrial organizations in the fair.
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How can collaboration among local manufacturers enhance the competitiveness of Bangladesh’s electronics sector?
Interview: The Future of Bangladesh’s Electronics Industry
Interviewer (Time.news editor): Good afternoon, adn thank you for joining us today. We have a special guest with us, Professor Dr. Tanveer Anjum, Senior Executive Director at Walton Hi-Tech Industries PLC. Dr. Anjum, welcome!
Dr. Tanveer Anjum: Thank you for having me. It’s a pleasure to be here.
Interviewer: Let’s jump right in. You recently spoke at a panel discussion during the ‘ATS Expo-2024’ regarding the need for increased investment in research and innovation within the domestic manufacturing sector. Can you elaborate on why this is crucial for Bangladesh’s electronics industry?
Dr. anjum: Absolutely. The sustainable growth of any manufacturing industry hinges on research and innovation (R&I) activities. for Bangladesh to solidify its position in the global electronics market, local producers must prioritize R&I. This not only enhances our competitive edge but also allows us to develop products that meet both domestic and international demands.
Interviewer: You mentioned that there is “no choice” but to invest in R&I. Can you explain what barriers exist that might prevent companies from increasing their investment in this area?
Dr. Anjum: Several barriers can hinder investment in R&I, including limited funding, lack of skilled professionals, and inadequate infrastructure. moreover, competition frequently enough forces companies to focus on short-term gains rather than long-term innovation strategies.this short-sightedness can stifle creativity and reduce our overall competitiveness.
Interviewer: The panel you participated in also featured leaders from various notable companies, including Best Electronics and Daraz Bangladesh. How do you believe collaboration among thes companies can foster innovation in Bangladesh’s electronics industry?
Dr. Anjum: Collaboration is essential. When companies share resources, knowledge, and technology, they can mitigate risks associated with R&I investments. Partnerships can lead to the pooling of talent, which fosters a culture of innovation and accelerates the development of new products and solutions that benefit the entire industry.
Interviewer: You spoke about Walton’s initiatives during yoru discussion. Can you share some specific examples of how your company is investing in research and innovation?
Dr. Anjum: Certainly! Walton has been actively investing in advanced technologies such as IoT and AI to enhance product offerings. We’ve also established partnerships with academic institutions to foster research that will translate into real-world applications. Such as, we’re focusing on energy-efficient appliances, which not only cater to consumer demand but are also environmentally responsible.
Interviewer: It sounds like Walton is leading the charge, but what advice can you give to other manufacturers looking to strengthen their local production capabilities?
Dr. Anjum: First, I urge manufacturers to embrace a long-term vision that prioritizes R&I. It’s about creating a sustainable ecosystem that fosters growth rather than just focusing on immediate profits. secondly, investing in talent development is crucial. The workforce must be equipped with the necessary skills to adapt to evolving technologies.
Interviewer: As we look to the future, what do you envision for the electronics industry in Bangladesh over the next five to ten years?
Dr. Anjum: I envision a thriving electronics industry in Bangladesh that becomes a hub for innovation. With concerted efforts in R&I and collaboration, our local manufacturers will not only meet domestic needs but also export high-quality products to global markets. This change is achievable if we engage all stakeholders actively.
Interviewer: Thank you, Dr. Anjum, for sharing these valuable insights. It’s clear that Bangladesh has important potential in the electronics sector, and innovation will play a key role in unlocking it.
Dr. Anjum: Thank you for providing this platform to discuss such a vital topic. I’m optimistic about our future!
Interviewer: And thank you to our audience for tuning in. Stay tuned for more interviews where we explore the transformative developments in various sectors. Until next time!