Bangladesh ought to improve the quality of its institutions and governance to maintain its development momentum for gradually moving out of LDC status, says a senior official of the United Nations.
Apart from the two cardinal tasks, the country also needs to increase the productivity and competitiveness of its people to fit in the next development paradigm, noted Haoliang Xu, Assistant Secretary-General of the United Nations, during his Dhaka trip.
"While there are concerns that Bangladesh may lose certain trade privileges in the international market in the aftermath of graduation, there will also be a lot of positive sides," said Xu while talking to a group of newsmen in the city Sunday.
"Graduating from the LDC status would send a strong signal to international community that Bangladesh is the right place for investment. The rating agencies will rate Bangladesh higher. The cost of investment in Bangladesh will be significantly lower," he said about the spinoffs from the graduation to a developing-country status.
The UN high official, who is in Bangladesh to take part in the national celebration of Bangladesh meeting the criteria for LDC graduation, pointed out that 'a lot needs to be done' to increase people's competitiveness and productivity on a higher plane of socioeconomic milieu.
The UN high official noted that Bangladesh had done so well in developing social capital, but said the country would need to continue doing so.
"We have to look at how the education system not only produces students who have the traditional type of knowledge like science, mathematics or language but also skills such as entrepreneurship, critical thinking, innovative thinking, risk-taking spirit and leadership skills," he said.
Noting that the government is currently investing heavily in infrastructure, the UN Assistant Secretary-General said such investment is crucial for investment to come in here.
While affirming that the UN will continue to support Bangladesh's development even after graduation, the UN high official made it clear that the nature of such support would change.
"There has been discussion in the UN to continue to support Bangladesh and other LDCs even if they graduate. Because, graduation is a process and you need to continue to support to adjust to this post-graduation status," Mr Xu said.
However, he added, the nature of what the UN can do or what the international community can do will change in the process of status change.
"In the past, we were part of donor community. But in the future, our role will change from a donor to a technical-support partner," Mr Xu said about the switch.
"We will be a partner in terms of sharing knowledge or best practices and relevant experience from other countries."
Mr Xu, who also visited the Rohingya refugee camps in Cox's Bazar during his stay in Bangladesh, thanked Bangladesh for its support to the refugees while also noting that their influx is having 'a significant impact on the lives of local communities'.
"UN has expressed very clearly its gratitude to Bangladesh for its humanitarian support to Rahingya refugees. But we also recognize that this large influx of refugees is also having a significant impact on the lives of local communities," he told the journalists.
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