Finance Minister Amir Khosru Mahmud Chowdhury stated on 24 August that Bangladesh needs to build an economy that competes through knowledge, innovation and the ingenuity of its people, rather than relying solely on traditional sources of growth.

Speaking at a special event organised by the Finance Division, the minister handed over grant certificates to 12 projects under the Bangladesh Industry Research, Development and Innovation (BIRDI) initiative. He noted that the Finance Division considers research and development to be an investment in productivity, export diversification, green technology and high-skilled employment for young people, rather than an expenditure.

"Today is not merely a ceremony of handing over grant certificates. We are making a statement about the kind of economy Bangladesh intends to become: an economy that competes on knowledge, on innovation, and on the ingenuity of its own people," the finance minister said.

The BIRDI grants are a Finance Division initiative implemented with support from the Asian Development Bank (ADB) to promote practical research and innovation aimed at addressing industry needs. The initiative recognises achievements that support industrial development, productivity and technological advancement.

Dr Md Khairuzzaman Mozumder, Finance Division Secretary and National Program Director of the Skills for Industry Competitiveness and Innovation Program (SICIP), said the grants are designed to catalyse practical, industry-relevant solutions to raise productivity, strengthen competitiveness and expand the country's skills base.

The initiative is expected to strengthen collaboration between industry and research institutions while encouraging innovation-driven solutions to improve industrial productivity and competitiveness.