Dhaka: Foreign Affairs Adviser Md. Touhid Hossain emphasized today that Bangladesh’s graduation from the Least Developed Countries (LDC) category should proceed as planned in 2026, without seeking any deadline extension. “Neither the government nor the business community has adequately prepared for the transition, but we must move forward,” he stated at a seminar held at the Economic Reporters Forum (ERF) auditorium in the capital.
According to Bangladesh Sangbad Sangstha, the seminar titled “Importance and Prospects of Cotton Cultivation in Bangladesh for Saving Foreign Currency” was jointly organized by the Economic Reporters Forum, Bangladesh Cotton Association (BCA), Bangladesh Cotton Ginners Association (BCGA), and Bangladesh Sudan Cotton Ginning Industries (BSCGI) at the ERF Auditorium. Touhid highlighted that Bangladesh would have a three-year grace period until 2029 post-graduation, providing time for the business community to adjust.
He mentioned that the European Union had already provided guidelines to the foreign ministry on securing GSP+ trade facilities after the graduation. During the seminar, Touhid announced the government’s plan to declare cotton an agricultural product and implement measures within two months to boost domestic production. He underscored the necessity for policy support to enhance local cotton cultivation, suggesting that replacing tobacco with cotton could benefit both farmers and the national economy.
Touhid assured that the government, led by Professor Muhammad Yunus, would make decisions in the country’s best interest, regardless of opposition from vested groups. He also discussed Bangladesh’s cotton imports, noting that the country is exempt from US tariffs on cotton exports and hinted at potential imports from the United States.
On the topic of Bangladeshi expatriates in Oman, Touhid mentioned ongoing initiatives to address passport-related issues, aiming to reduce complexities by half. He also accused Indian media of conducting a disinformation campaign against Bangladesh and urged local media to counteract by presenting the country’s true narrative through follow-up reports.
Other officials, including National Board of Revenue (NBR) Member Moazzem Hossain, Cotton Development Board Executive Director Dr. Fokre Alam Ibn Tabib, Bangladesh Cotton Ginners Association (BCGA) General Secretary Golam Saber, and Managing Director of Bangladesh Sudan Cotton Ginning Industry Md. Abul Khayer, also spoke at the event, chaired by ERF President Daulat Akhter Mala.
NBR member Hossain proposed reducing taxes on locally produced cotton and expressed optimism about the withdrawal of tax and VAT on local cotton soon. Dr. Tabib pointed out that Bangladesh spends approximately Tk 450 billion annually on cotton imports and suggested that increasing local production could significantly reduce foreign currency expenditure.
He stated that cotton thrives in char areas, Barind regions, coastal saline lands, hilly areas, and highlands, and with policy support, Bangladesh could produce 2-2.5 million tonnes of cotton without affecting food security. BCGA General Secretary Golam Saber noted that unlike tobacco, cotton is not recognized as an agricultural product in Bangladesh, depriving cotton farmers of agricultural loans and subjecting them to higher interest rates.
Saber asserted that with proper policy support, cotton could be cultivated on at least 200,000 hectares, enabling Bangladesh to produce one-fourth of its imported cotton locally. ERF President Mala emphasized the importance of recognizing cotton as an agricultural product and ensuring policy assistance. ERF General Secretary Abul Kashem moderated the event.