BSS, Dhaka
Finance Minister AHM Mustafa Kamal on Saturday said that graduation from the Least Developed Country (LDC) status would be a matter of great honour and pride for Bangladesh.
“Such pride and prestige can’t be quantified”, said Kamal while speaking as chief guest of an online workshop on ‘Effective Partnership with the Private Sector for Sustainable Graduation’ held on Saturday.
The finance minister said graduation from LDC status would be a manifestation of the dream of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
“This will also be recognition of the unprecedented development stride the country has made under the valiant leadership of Prime Minister Sheikh Hasina”, he added.
Support to Sustainable Graduation Project (SSGP) of the Economic Relations Division (ERD) of the Ministry of Finance organized the workshop, said a press release.
Commerce Minister Tipu Munshi and Senior Secretary of Finance Division Abdur Rouf Talukder were present as the special guests of the workshop.
President of FBCCI Sheikh Fazle Fahim was the guest of honour of the event. Principal Coordinator on SDG Affairs at the Prime Minister’s Office and Chair, National Task Force on LDC Graduation, Zuena Aziz chaired the workshop.
The Finance Minister also noted that Bangladesh has shown incredible resilience during all the previous global crises.
“Likewise, we would be able to adjust very well with the upcoming dynamics that would usher with graduation from LDC status”, he said.
Kamal, however, also called upon the private sector of the country to enhance their in-house research and development capacity to cope with the upcoming 4th Industrial Revolution as well as LDC Graduation.
Speaking at the workshop, Commerce Minister Tipu Munshi said that Bangladesh should start preparing for the gradual withdrawal of international support measures (ISMs).
He also observed that the country should move towards signing of free trade agreements or preferential trade agreements in the long term to cope with the post-graduation scenario.
Speaking on the occasion, Senior Secretary of Finance Division Abdur Rouf Talukder emphasized on intensifying the skills development program to increase the productivity of the country’s workforce.
He also called for necessary improvement of the country’s education system, providing special incentives for exploring new export markets, providing special support to start-up entities and improvement of the country’s position in the Ease of Doing Business ranking.
ERD Secretary Fatima Yasmin, in her keynote presentation, highlighted the major opportunities and dimensions that would be created for Bangladesh in the aftermath of graduation from LDC status.
She also focused on how the government is preparing for graduation in collaboration with private sector and other stakeholders.
ERD Secretary mentioned that the government would prepare a smooth transition strategy in consultation with all relevant stakeholders including the private sector to grab the opportunities and to cope with the challenges of LDC graduation.
Commerce Secretary Dr. Md Jafar Uddin said that the government is in talks with different countries for signing free trade agreements (FTAs) or preferential trade agreements (PTAs) to prepare for the post-graduation scenario.
FBCCI President Sheikh Fazle Fahim emphasized on effective involvement of the private sector in the formulation of transition strategy in the coming times.
He also emphasized on the capacity development of private sector and sought government supports to this end.
Representatives from various private sector bodies as well as public sector entities including President of BGMEA Rubana Huq, President of Leather Goods & Footwear Manufacturer and Exporters Association Bangladesh (LFMEAB) Md. Saiful Islam, Senior Vice President of Bangladesh Association of Pharmaceutical Industries (BAPI) Abdul Muktadir, President of Foreign Investors’ Chamber of Commerce & Industry (FICCI) Rupali Haque Chowdhury and President of MCCI Nihad Kabir were present, among others.
Besides, President of DCCI Rizwan Rahman, Vice President of BKMEA Mohammad Hatem and Chair of Research and Policy Integration for Development Dr. Mohammad Abdur Razzaque, among others, spoke during the event.
It is notable that Bangladesh met all the criteria for LDC graduation for the first time during the last triennial review of the Committee for Development Policy (CDP) of the United Nations held in March 2018.
As per the provisions of the United Nations, a country must be found eligible in two successive triennial reviews to be recommended for graduation by the CDP.
The data for the 2021 triennial review indicate that Bangladesh meets the graduation thresholds for all the criteria again and it is very likely that the country would be recommended for graduation in the next triennial review to be held on 22-26 February 2021.
Bangladesh’s graduation is expected to be effective after 5 years of preparatory period that is in 2026.
