Speakers at an event in Dhaka on Sunday suggested that Bangladesh should formulate its Least Developed Country (LDC) graduation strategy in line with the upcoming 9th Five-Year Plan (FYP).
Experts and policymakers attending the programme also stressed on aligning the strategy with the country's long-term development goals to avoid the middle-income trap.
These observations came up during a technical level workshop on the Smooth Transition Strategy (STS), jointly organised by the Economic Relations Division (ERD) and the United Nations Department of Economic and Social Affairs (UN DESA).
Bangladesh successfully met all criteria for LDC graduation in the 2018 and 2021 triennial reviews by the United Nations Committee for Development Policy (CDP). Following a five-year preparatory period, the country will graduate from the LDC club in November 2026.
The United Nations recommends graduating LDCs prepare a national STS during this preparatory period, in cooperation with development and trading partners and with targeted UN system assistance.
Bangladesh recently began the STS formulation process with UN DESA. As part of the process, the technical workshop was organised to share the draft STS and its action plan with relevant stakeholders for feedback and recommendations.
Speaking as the chief guest of the programme, Finance Minister Abul Hassan Mahmood Ali said Bangladesh could overcome all the challenges if the right policies and strategies are put in place.
"We understand that the graduation from LDC status will bring few challenges in front of us since this achievement was possible not only for the hard work of our citizens but also for the supports provided by our trade and development partners bilaterally and multilaterally because of our status as an LDC," he said.
He said these forms of support might not be available in the coming days. "(But) I strongly believe that our development partners will continue to support us in other forms in facing the challenges."
"...our strengths lie in our hardworking people, vibrant entrepreneurs, the young generation and a people-friendly government…," the finance minister added.
State Minister for Finance Waseqa Ayesha Khan, while speaking as the special guest, said the STS should promote structural transformation to avoid the middle-income trap.
The STS should be aligned with our long-term development goals, she observed.
In his speech, ERD Secretary Shahriar Kader Siddiky called for aligning the STS with the 9th Five Year Plan of the country. He emphasised transforming the challenges of LDC graduation into opportunities.
Commerce Secretary Md Selim Uddin called for the STS to outline specific measures for increasing domestic product competitiveness and export diversification.
UN Resident Coordinator in Bangladesh Gwyn Lewis said the United Nations system is committed to supporting Bangladesh's graduation journey, with an emphasis on strengthening macroeconomic stability, addressing market access challenges, sustaining trade and investment and accelerating reforms for skills, technology, innovation, and compliance with environmental, social and governance standards.
During the workshop, national consultant for the STS Dr MA Razzaque made a presentation, highlighting the context and various aspects of the strategy under development.
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