More R&D needed to boost sustainable production: experts

Sustainability has become a mainstream issue for businesses across the globe, so Bangladesh should also invest in researching and developing innovative technology to help local companies embrace it in their core strategies, according to analysts.

Economists and entrepreneurs made this comment during the Sustainability Summit 2024, jointly organised by the Bangladesh Brand Forum and Sustainable Brand Initiative at Le Méridien Dhaka yesterday.

The event was sponsored by AkijBashir Group in association with Intellier and The Daily Star.

Production per acre in Bangladesh is higher compared to that in other countries, but so too is its pollution per acre, said Professor AK Enamul Haque, dean of business and economics at East West University.

The country needs to invest more in research and development so that researchers can come up with innovative technology for sustainable production here, he said.

"This will help to embrace new technology, but policy support is not enough for innovation," he added while speaking at a panel discussion.

The event began with a keynote session by Zaved Akhtar, president of the Foreign Investors' Chamber of Commerce and Industry (FICCI), who shared insights on why sustainability was critical for local businesses and how they should pursue it.

"Sustainability is not philanthropy. Moreover, it makes business sense. It is the next business growth provider," he said.

Citing how the European Union is embracing an enterprise resource planning initiative, Akhtar said if export-based businesses do not accept sustainable solutions and sustainable sourcing of raw materials, they would face difficulties from their buyers.

"When foreign investors talk to us, they ask us about the skills on sustainability of Bangladeshi people, so it should be focused," added Akhtar, who is also managing director and chairman of Unilever Bangladesh.

A case study on the Sustainable Practices of AkijBashir Group was then presented by Bashiruddin Ahmed, chairman of the leading conglomerate.

He said they have already reduced water consumption by 80 percent with the use of technology. His company also emphasised on using solar power and biomass energy for production.

Selim RF Hussain, CEO of Brac Bank, Sabur Khan, chairman of Daffodil International University, Ahsan Khan Chowdhury, chairman and CEO of Pran-RFL Group, Syed Mahbubur Rahman, CEO of Mutual Trust Bank, Shehzad Munim, former president of the FICCI, and Rupali Chowdhury, managing director of Berger Paints, were present.