Research and development (R&D) should receive greater emphasis in both public and private universities to meet local and global market requirements by producing skilled graduates. Additionally, there should be much focus on mitigating the gap between market requirements and the skills of graduates.

Academicians and industry owners said these at a round table discussion titled “Strengthening Collaboration between the Private Sector & Academia: The Way Forward” organised by the Dhaka Chamber of Commerce & Industry on Saturday.

Academicians from different renowned public and private universities took part in the discussion to identify the challenges of industry-academia collaboration.

DCCI President Ashraf Ahmed said that every year around two million graduates are coming into the job market. But we are unable to accommodate all of them. According to Bangladesh Institute of Development Studies (BIDS), unemployment among graduates in the country is 66%, he said.

Furthermore, a World Bank survey reveals that 46% of employers struggle to find job seekers with the necessary skills, while 69% report shortages of skilled manpower for technical and managerial roles.

Experts are being hired from outside for key positions to run the industry and billions of dollars are flowing out of the country. On the other hand, due to lack of skills, the country's manpower is not getting high paying jobs abroad.

Industry-Academia needs to work together to develop both soft and hard skills of our graduates, he also added.

Besides, shared efforts and contributions by universities and the private sector on research of contemporary matters can enrich and create new learning on macroeconomic matters, he said.