Country's key entrepreneurs and business chambers on Sunday stressed the need for extending the time for LDC graduation by five to six years in a bid to take necessary preparations alongside ensuring export diversification, building human capital and attracting quality FDI.
"Our entrepreneurs and business chambers strongly support graduation. However, we stress the need for 5 to 6 years deferral (for graduation). If so, the government and also the private sector can take necessary preparations during this time and thus there won't be any such problem," said ICC Bangladesh President Mahbubur Rahman.
He said that if the country's export basket could not be diversified and the exiting potentials are not increased further, the country would not be able to move much forward.
Mahbubur said these while addressing a press briefing on "LDC Graduation: Challenges Ahead" organized by ICC Bangladesh and major national trade organisations at a city hotel today.
He said that the entrepreneurs and business chambers are seeking such extension to LDC graduation to secure trade deals (EU, UK, ASEAN, Gulf) to offset US tariff shocks; drive export diversification into pharma, IT, leather, agro-processing, and light engineering; build human capital for Industry 4.0-automation, Al, advanced manufacturing; attract quality FDI-investors who bring technology and sustainability, not just cheap capital; strengthen governance and climate resilience, ensuring competitiveness in a turbulent global economy.
Citing some of the current economic realities, the ICC Bangladesh President cited external debt stress; financial strain; decline in FDI; global trade tensions; climate pressure, electricity and gas constraints; logistics bottlenecks, devaluation of Taka and economic pressures after July 2024 uprising.
Answering a question, Mahbubur Rahman said that a signed joint statement with recommendations would be submitted before the government.
He said that instead of relying on only major export product (RMG), efforts are on to diversify the exportable items to face the LDC graduation related challenges.
BGMEA President Mahmud Hasan Khan said that although the BGMEA is the biggest beneficiary and the biggest stakeholder in the graduation process, it may become the biggest sufferer unless the graduation takes place in the right time.
ICC Vice President A. K. Azad, DCCI Senior Vice President Razeev H Chowdhury, MCCI President Kamran T. Rahman, FICCI Board Member Rubaba Dowla, business leaders including Abdul Hai Sarker, Sayeed Ahmed, Mohammad Hatem, Mohammed Nazmul Hassan, Anwar-ul Alam Chowdhury (Parvez), Abdul Muktadir, Mohammad Iqbal Chowdhury, M. E. Chowdhury Shameem were present, among others, on the occasion.
