Put BD's graduation journey on back burner: BGAPMEA

Domestic textile and clothing industries with allied sub-sectors on Monday mooted the deferment of Bangladesh's graduation from the least-developed-country status, citing that the decision was taken based on fabricated data.
They also called for major reforms in the financial sector and demanded resignation of the chairman of the National Board of Revenue to end harassment of tradespeople.
Business leaders from export-oriented sectors also urged strict action against loan defaulters and also banking regulators who allowed irregularities.
They made the demands at a view-exchange meeting hosted by the Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) at a city hotel.
The business leaders also expressed optimism that the interim government, led by Nobel laureate Prof Dr Muhammad Yunus, would help bring necessary reforms and investment in the country.
Shams Mahmud, former president of the Dhaka Chamber of Commerce and Industry (DCCI), urged the interim government to take measures to halt the country's graduation in 2026.
They rather called for evaluating the strength of the economy in this regard, terming economic data "distorted".
Bangladesh's economy is facing a severe crisis and postponing LDC graduation for several years can help the export sector recover through continued duty-free access to export destinations.
Mr Shams, also a director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), demanded resignation of the NBR chief and massive reforms in the revenue sector.
Abul Kashem Haider, former vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), demanded reforms in trade bodies, saying associations like FBCCI and BGMEA have been politicised and become political platforms.
He also demanded reforms in the banking sector, claiming that a group of individuals have destroyed the sector by enacting laws that favour and facilitate money laundering.
Mr Haider called for establishing a special tribunal to take action against loan defaulters and also those involved in corruption.
Bangladesh Textile Mills Association president Showkat Aziz Russel said exorbitant gas prices had negatively impacted all industries and there was crisis of working capital due to gaps in dollar buying and selling rates.
AHM Mainuddin president of Bangladesh Association of Precursor's Solvent Manufacturers demanded a transparent economic census in the country to create an effective development plan terming the current statistics 'fabricated'.
After the fall of the Awami League government amid a student-led mass uprising on August 05, a new group of miscreants are trying to take over the control of jhut (garment offcut) business in the ready-made garment sector, said Bangladesh Garment Manufacturers and Exporters Association (BGMEA) vice-president Abdullah Hil Rakib.
He demanded postponement of the LDC graduation from 2026, saying that the graduation plan was set based on false economic data.
Mr Rakib further demanded soft loan for two months to offset the losses incurred due to the recent business disruption which resulted in liquidity crisis.
Former FBCCI president Abdul Awal Mintoo urged businesspeople, regardless of political affiliation, to unite in order to press their demands.
"A student-led mass uprising toppled a government in the country and we played no role in this regard. Not even the BNP can claim the credit," he said.
An interim government took power following the movement and the government should conduct the next general election soon after completing institutional reforms, he observed.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) executive president Mohammad Hatem said the business community was with the government.
"Following the student movement, voices have been raised for necessary reforms," he said, expressing hope that everyone would cooperate with the interim government to bring stability in the country.
BGAPMEA president Al Shahriar said their primary focus was on customs and bond-related problems and would form a committee to present all their demands to the government.
Bangladesh Freight Forwarders Association president Kabir Ahmed demanded ensuring road safety to transport export-import goods, saying that buyers were frequently asking queries to this end.

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