Dhaka: The newly elected BNP government plans to take necessary steps to defer Bangladesh’s graduation from the Least Developed Country (LDC) status, Commerce Minister Khandaker Abdul Muktadir said. On his first day in office, Muktadir informed reporters at the Secretariat about the government’s intentions to delay the graduation timeline and emphasized the urgency of the matter.
According to United News of Bangladesh, Muktadir stated that efforts have already been initiated by the Ministry of Commerce and will be coordinated with the Economic Relations Division (ERD) to expedite the required communications and procedures. Addressing long-standing demands from business leaders, he assured that the issue is being given top priority and emphasized that while there is no immediate obligation to send a letter, work has commenced from day one.
The Commerce Minister also addressed the recent slowdown in exports, noting that Bangladesh’s export basket remains heavily reliant on a single product, accounting for nearly 85 percent of total exports. To mitigate this vulnerability, Muktadir highlighted the importance of diversification by introducing new products and exploring new markets. He assured that the government would provide necessary support to the private sector, particularly to investment-oriented entrepreneurs.
Regarding the upcoming Ramadan market, Muktadir reassured that the stable supply of essential commodities would ensure market stability. He confirmed that the government holds adequate stocks for Ramadan and the subsequent period, with additional supplies in the pipeline, eliminating any cause for concern over the market during the holy month. He explained that price hikes at the beginning of Ramadan are typically due to a temporary surge in demand as consumers purchase for the entire month, which does not have a lasting impact on the retail market.
The Commerce Minister also commented on the potential challenges posed by Ramadan coinciding with the new government’s early days in office. He acknowledged that managing the holy month would be a critical test, stressing the need to meet public expectations and emphasizing that success is essential. On investment matters, he noted that uncertainty deters investment and highlighted the importance of a stable environment to attract both foreign and domestic investors. He pointed out that Bangladesh’s large working-age population, with around 2 to 2.2 million people entering the labor market annually, underscores the urgency of addressing investment stagnation to avoid risks to employment and the broader economy.
State Minister for Commerce Md Shariful Alam and Commerce Secretary Mahbubur Rahman were also present during the announcement. The Commerce Minister later held discussions with senior officials and heads of departments under the ministry.