Business leaders and top government officials attending a high-level dialogue on Wednesday at the Prime Minister's Office (PMO) called for a clear focus on action in Bangladesh's LDC graduation strategy and its associated action plan.
This focus, according to them, is indispensable to ensure a smooth and sustainable graduation for the country.
The dialogue was chaired by Mohammad Tofazzel Hossain Miah, principal secretary to the prime minister and chair of the National Committee on LDC Graduation, according to a press release.
Secretaries from relevant government ministries and representatives from various business chambers participated in the discussions, the press release added.
Bangladesh successfully met all the criteria for graduation from least-developed country (LDC) club in the triennial reviews of the United Nations Committee for Development Policy (CDP) conducted in both 2018 and 2021.
Following a five-year preparatory period, the country is set to graduate in November 2026.
The United Nations recommends that graduating LDCs prepare a national Smooth Transition Strategy (STS) during the preparatory period.
This strategy should be formulated in cooperation with development and trading partners, with targeted assistance from the UN system.
Bangladesh has recently begun this process of STS formulation in collaboration with the UN Department of Economic and Social Affairs (UN DESA).
The high-level dialogue was a part of this process, which was organised to share the draft STS and its associated action plan with stakeholders to gather feedback and recommendations, the press release mentioned.
Mohammad Tofazzel Hossain Miah, principal secretary to the prime minister, said the Smooth Transition Strategy could provide valuable recommendations for turning the challenges of Bangladesh's upcoming LDC graduation into opportunities, according to the press release.
Participants at the dialogue observed that the draft STS should offer specific recommendations on several key areas. These areas included structural transformation, productivity enhancement, increasing domestic resource mobilisation and tariff rationalisation.
Among others, Secretary of the Economic Relations Division Md Shahriar Kader Siddiky; Executive Chairman of Bangladesh Investment Development Authority Lokman Hossain Miah; Secretary of the Ministry of Commerce Md Selim Uddin; Senior Secretary of the Ministry of Industries Zakia Sultana; former ERD secretary and current Alternate Executive Director of the World Bank Group Sharifa Khan; former commerce secretary Tapan Kanti Ghosh; Member of the National Board of Revenue Md Masud Sadiq; President of Metropolitan Chamber of Commerce and Industry Kamran T Rahman; President of Dhaka Chamber of Commerce and Industries Ashraf Ahmed; and President of Bangladesh Association of Pharmaceutical Industries Abdul Muktadir spoke on the occasion.
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