Dhaka: Chief Adviser's Special Assistant Dr. Anisuzzaman Chowdhury today emphasized that Bangladesh is firmly on the path to graduation from the Least Developed Country (LDC) status, with no possibility of postponement or reversal. Speaking at a seminar organized by the Economic Reporters' Forum (ERF) on 'LDC Graduation and Bangladesh's Preparedness,' Dr. Chowdhury highlighted that the nation is already making significant strides towards this goal.
According to Bangladesh Sangbad Sangstha, Dr. Anisuzzaman Chowdhury remarked that the interim government inherited an economy in critical condition, likening it to being in the 'ICU' in August 2024, with approximately $234 billion siphoned abroad during the previous administration. However, he noted the positive turnaround, attributing it to the increase in foreign exchange reserves driven by remittance contributions and prudent government policies.
When questioned about the possibility of deferring the country's LDC graduation beyond 2026, Dr. Chowdhury clarified that such decisions were beyond his jurisdiction. However, he suggested that the private sector could potentially lobby for a deferment through international partnerships.
Chief Adviser's Press Secretary Shafiqul Alam reiterated the government's commitment to the LDC graduation process, urging the private sector to embrace risk-taking for better outcomes. Alam encouraged the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) to enhance research initiatives to stay aligned with global market trends, drawing on examples from Far-East and South-East Asian countries that have modernized their ports to boost their economies.
BKMEA President Mohammad Hatem acknowledged improvements in economic discipline under the current government and warned of potential risks to export earnings post-graduation. Highlighting the need for a deferral policy, Hatem stressed the importance of securing trade benefits such as the GSP Plus from the European Union.
Dr. M Masrur Reaz from Policy Exchange Bangladesh underscored the necessity of addressing broader macroeconomic vulnerabilities instead of relying solely on past data manipulations to justify postponement. He pointed out Bangladesh's dependency on imports for food security and energy as significant challenges, while highlighting the need for improvements in global competitiveness and trade facilitation.
BGMEA Senior Vice President Inamul Haq Khan expressed concerns about the readiness of the export sector, advocating for an additional three years to prepare for the transition. He urged stakeholders to collaborate on diversifying export markets and products, emphasizing the need for subsidies and incentives to tackle emerging challenges.
BAPI CEO Mustafizur Rahman highlighted the importance of developing skilled human resources and ensuring a stable energy supply to maintain competitiveness in the global market amid the graduation challenges.