Dhaka, Nov. 17 -- In today's global economy, the primary drivers of economic growth and long-term success are no longer cheap labor or raw materials. Instead, they are the power of knowledge and innovation, secured by Intellectual Property (IP). Higher profit margins are established when a nation moves beyond merely manufacturing products to owning the knowledge and technology required to create those products. For local industries to secure elevated profits, adopting a strategy focused on IP creation and transitioning to research-based production is now indispensable.

Our economy stands at a critical juncture. International competition will intensify significantly following Bangladesh's graduation from the Least Developed Countries (LDC...