Bangladesh is set to graduate from the Least Developed Country (LDC) category to a developing nation in 2026 and with this, the country is going to reach a milestone thanks to decades of sustained progress in economic growth, poverty reduction and human resources development. The LDC graduation, no doubt, will put Bangladesh in a dignified position but at the same time, the country will face some challenges which need to be addressed in a coordinated manner involving systemic reform, strategic plan and proactive policy.
A high-level review meeting was held on Wednesday with Chief Adviser Dr Muhammad Yunus in the chair to assess the country’s readiness to effectively manage the post-LDC situation. With the review of 16 strategic decisions, the meeting brought together key stakeholders, comprising government advisers, secretaries and the central bank governor, demonstrating a unified national approach to this transition.
Various key aspects discussed in the meeting include the progress by the National Board of Revenue (NBR) in establishing the National Single Window - the new responsive digital platform that enables trade and customs to be streamlined. This initiative is important for the usability as well as for the compliance with the post-LDC global operational environment and international trade rules. Preparation of a Work Plan for 2023 Tariff Policy by the NBR is also a significant step in getting our domestic tax regime harmonised with global standards.
With the decline in the preferential trade
facilities, the country should devise a forward
looking development strategy based on
policy upgradation, institutional capacity
building and inclusive growth
Furthermore, the government’s focus on supporting emerging export sectors—particularly man-made fiber industries—by offering duty-free import of raw materials and machinery is a forward-thinking strategy. Export diversification beyond RMG is the key to economic reliance and for capturing new global markets.
The operational readiness of vital infrastructure projects such as Effluent Treatment Plant (ETP) in Savar and API Park in Munshiganj was also reviewed in the meeting. These facilities will play a critical role in increasing industrial compliance, boosting pharmaceutical production and ensuring environmental sustainability—each essential for maintaining country’s post-graduation situation.
The Chief Adviser rightly pointed out disappointing performance of the country’s leather industry, which is seen as a potential export contributor. His call for a dedicated meeting to address structural and policy-related challenges highlights a need to reassess industrial priorities and come out of systemic inefficiencies.
Most importantly, the directive of the Chief Adviser to hold a follow-up meeting within two months to discuss JFs and necessary legal and policy reforms indicates a profound appreciation of the structural shift required. "We have to shift policies and laws that are not serving us. These are fundamental issues,” he told the meeting. This mindset is vital for a successful transformation into a competitive, rule-based global economy.
With the decline in the preferential trade facilities, the country should devise a forward looking development strategy based on policy upgradation, institutional capacity building and inclusive growth. The LDC graduation is not just a milestone — it’s a launching pad. The future of development of Bangladesh depends on the capability of the nation to adapt, reform and innovate.
