The interim government policymakers and the businesses in a seminar on Saturday stuck to their opposing positions over the upcoming graduation of Bangladesh from the Least Development Countries block in November 2026.
Anisuzzaman Chowdhury, special assistant for the Ministry of Finance, said that the present government would graduate from the LDCs block within the scheduled timeframe.
Taking part in the seminar titled 鈥楲DC Graduation and Bangladesh鈥檚 Preparedness鈥�, representatives of the readymade garment and pharmaceutical associations reasserted that the LDC graduation should be deferred by at least three years citing risk factors amid lack of preparations.
Anisuzzman said that the government alone could not convince the United Nations for any deferment, but needed active participation from businesses as well on the issue.
Narrating the journey of Bangladesh as an LDC country since 1975, Anisuzzaman said that the much-talked-about graduation had already been deferred for four years in 2022 because of the Covid pandemic.
The present government has mended major damages in the macro-economy caused by the previous regime and put the journey of gradation right on the track, he observed.
The overall economic position has been favourable for the business to brace for the graduation challenges, he further observed.
The seminar was organished by the Economic Reporters Forum at its office in the capital.
The event was attended by the chief adviser鈥檚 press secretary Shafiqul Alam, Bangladesh Knitwear Manufacturers and Exporters Association president Mohammad Hatem, Bangladesh Aassociation of Pharmaceuticals Association chief executive officer Mostafizur Rahman, and Bangladesh Readymade Garment Manufacturers and Exporters Association vice-president Inamul Haq Khan.
Policy Exchange Bangladesh chair Mashrur Riaz took part in the discussion.
The LDC graduation is expected to improve the country鈥檚 credit rating and create scopes for higher foreign direct investment among the positive side while it is likely to discontinue the direct cash subsidy to the exporters.聽聽
Calling the business to be bold to take the challenges, Shafiqul Alam said that Vietnam had achieved good progress with fewer advantages.
The BKMEA president said that they were risking losing market as the previous regime made the LDC gradation plans with flawed data while BAPA chief executive officer feared cost hike of medicines in the country.
The gradation should be deferred by at least three years, said the BGMEA vice-president.
PEB chair Mashrur Riaz said that the country鈥檚 economy would face adverse situation in the post-LDC period if the current energy crisis and custom procedures continued.
ERF president Daulat Akhtar Mala chaired the seminar and general secretary Abul Kashem moderated the discussion.
