Dhaka: Commerce Minister Khandakar Abdul Muktadir announced today that the government is implementing a series of structural reforms aimed at strengthening Bangladesh's economic foundations to ensure a smooth and sustainable transition from the Least Developed Country (LDC) category. Speaking at a seminar on "Bangladesh's Upcoming LDC Graduation: Navigating the Challenges of Sustainable Transition" at the ICMAB Bhaban, the minister highlighted the government's proactive approach to deferring LDC graduation by three years to address structural weaknesses and prepare for the post-LDC era.
According to Bangladesh Sangbad Sangstha, Minister Muktadir outlined key areas of the reform agenda, including strengthening energy security, overhauling the banking sector, improving the ease of doing business, and enhancing institutional efficiency to boost Bangladesh's competitiveness in the global market. Addressing energy as a critical priority, he emphasized the government's efforts to resolve the country's energy shortage by ensuring reliable energy supply and developing gas storage facilities to support industrial growth.
The minister also discussed banking sector reforms aimed at restoring financial discipline and transparency, stressing the importance of moving away from imaginary accounting practices. He advocated for realistic assessments of non-performing loans and effective recovery measures to rebuild investor confidence. Additionally, Muktadir announced the introduction of a genuine One-Stop Service (OSS) this year to simplify business procedures and facilitate investment.
As part of the government's commitment to a transparent business environment, trade licences will now be issued for five years under a fully digital system, allowing businesses to apply and print licences online. Muktadir reiterated the government's dedication to establishing the rule of law, strengthening accountability, and fostering an entrepreneurial climate that attracts both domestic and foreign investment.
The seminar featured a keynote paper by CPD Distinguished Fellow Professor Dr Mustafizur Rahman, who analyzed the challenges Bangladesh may face after LDC graduation, such as increased global competition and the erosion of preferential tariff benefits. He emphasized the need for economic transformation, productivity enhancement, and export diversification.
Former National Board of Revenue Chairman Md Abdur Rahman Khan and BGMEA President Mahmud Hasan Khan also spoke at the event, emphasizing the importance of good governance, infrastructure development, policy consistency, and political stability for Bangladesh's success in the post-LDC era. PRAN Group Managing Director Ilias Mridha participated as a panellist, with the session moderated by former ICMAB President Arif Khan. ICMAB Secretary Monjur Md Saiful Azam delivered the vote of thanks.