The upgraded rocket model ensures enhanced reusability and carried a Bangabandhu Satellite-1 into geostationary orbit.
He said launching of the satellite is an instance of technology-led transformation of Bangladesh under the leadership of prime minister Sheikh Hasina and her ICT affairs adviser Sajeeb Wazed Joy.
Thousands of people across the world witnessed the launching, which was telecasted by different television channels and was webcasted by the SpaceX.
It will also provide broadband connectivity to rural areas throughout the country.
The move made Bangladesh's debut in the global space society.
Bangabandhu-1 makes a strong statement for us as a nation.
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SpaceX has successfully launched a satellite for Bangladesh using an upgraded Falcon 9 rocket designed for dozens of repeat flights. Bangabandhu-I is our first own satellite, which is now on its way to orbit. It was originally planned on Thursday, but it was aborted about 60 seconds before launch.
Though this was the first landing for a Block 5 first stage, it was the 25th overall for a Falcon 9 during an orbital launch.
Many in Dhaka and elsewhere in the country reportedly gathered in front of TV screenes early on Saturday to see the satellite's live launch. "There are thousands and thousands and thousands of requirements", Musk said of the rocket.
Thales Alenia completed the manufacturing works of the satellite few months ago and kept it in a warehouse in Cannes of France.
However, MA Hakim, president of Internet Service Providers Association of Bangladesh, said the satellite's bandwidth would be more than 100 times costlier and that was why they would not be interested.
It is expected to have a 15-year lifespan and will help save money for the Dhaka government, which now spends $14 million annually to rent from the services of foreign satellites, government officials said.
Two ground stations for controlling the satellite have already been built at Joydebpur of Gazipur and Rangamati's Betbunia. On the other hand, the country can earn foreign currency by renting the Bangabandhu-1 transponders to other countries.