US-based company Faction has teamed up with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to establish a research centre.

They also signed a memorandum of understanding (MoU) to enhance cooperation in establishing the centre named "FBCCI Innovation and Research Center", according to a press release.

FBCCI President Md Jashim Uddin and Faction Co-Founder Max Garza III signed the MoU on Sunday evening at the head office of Bengal Commercial Bank in Dhaka.

Addressing the event, the FBCCI president said Bangladesh is moving towards smart and digitisation. "We must ensure the maximum use of technology to build a developed Bangladesh by 2041."

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

"Instead of adopting a 'one product, one policy' approach, we must now focus on sector-wise policies to encourage product diversification."

Innovation and research should be prioritised to foster differentiation among various sectors and clusters, he added.

Max Garza III said the collaboration between Faction and FBCCI would not only benefit Bangladesh but also contribute to the advancement of research and technology worldwide.