DHAKA, Feb 6, 2021 (BSS) – Finance Minister AHM Mustafa Kamal today
said that graduation from the Least Developed Country (LDC) status
would be a matter of great honour and pride for Bangladesh.
“Such pride and prestige can’t be quantified”, said Kamal while
speaking as chief guest of an online workshop on ‘Effective
Partnership with the Private Sector for Sustainable Graduation’ held
today.
The finance minister said graduation from LDC status would be a
manifestation of the dream of the Father of the Nation Bangabandhu
Sheikh Mujibur Rahman.
“This will also be recognition of the unprecedented development
stride the country has made under the valiant leadership of Prime
Minister Sheikh Hasina”, he added.
Support to Sustainable Graduation Project (SSGP) of the Economic
Relations Division (ERD) of the Ministry of Finance organized the
workshop, said a press release.
Commerce Minister Tipu Munshi and Senior Secretary of Finance
Division Abdur Rouf Talukder were present as the special guests of the
workshop.
President of FBCCI Sheikh Fazle Fahim was the guest of honour of the
event. Principal Coordinator on SDG Affairs at the Prime Minister’s
Office and Chair, National Task Force on LDC Graduation, Zuena Aziz
chaired the workshop.
The Finance Minister also noted that Bangladesh has shown incredible
resilience during all the previous global crises.
“Likewise, we would be able to adjust very well with the upcoming
dynamics that would usher with graduation from LDC status”, he said.
Kamal, however, also called upon the private sector of the country
to enhance their in-house research and development capacity to cope
with the upcoming 4th Industrial Revolution as well as LDC Graduation.
Speaking at the workshop, Commerce Minister Tipu Munshi said that
Bangladesh should start preparing for the gradual withdrawal of
international support measures (ISMs).
He also observed that the country should move towards signing of
free trade agreements or preferential trade agreements in the long
term to cope with the post-graduation scenario.
Speaking on the occasion, Senior Secretary of Finance Division Abdur
Rouf Talukder emphasized on intensifying the skills development
program to increase the productivity of the country’s workforce.
He also called for necessary improvement of the country’s education
system, providing special incentives for exploring new export markets,
providing special support to start-up entities and improvement of the
country’s position in the Ease of Doing Business ranking.
ERD Secretary Fatima Yasmin, in her keynote presentation,
highlighted the major opportunities and dimensions that would be
created for Bangladesh in the aftermath of graduation from LDC status.
She also focused on how the government is preparing for graduation
in collaboration with private sector and other stakeholders.
ERD Secretary mentioned that the government would prepare a smooth
transition strategy in consultation with all relevant stakeholders
including the private sector to grab the opportunities and to cope
with the challenges of LDC graduation.
Commerce Secretary Dr. Md Jafar Uddin said that the government is in
talks with different countries for signing free trade agreements
(FTAs) or preferential trade agreements (PTAs) to prepare for the
post-graduation scenario.
FBCCI President Sheikh Fazle Fahim emphasized on effective
involvement of the private sector in the formulation of transition
strategy in the coming times.
He also emphasized on the capacity development of private sector and
sought government supports to this end.
Representatives from various private sector bodies as well as public
sector entities including President of BGMEA Rubana Huq, President of
Leather Goods & Footwear Manufacturer and Exporters Association
Bangladesh (LFMEAB) Md. Saiful Islam, Senior Vice President of
Bangladesh Association of Pharmaceutical Industries (BAPI) Abdul
Muktadir, President of Foreign Investors’ Chamber of Commerce &
Industry (FICCI) Rupali Haque Chowdhury and President of MCCI Nihad
Kabir were present, among others.
Besides, President of DCCI Rizwan Rahman, Vice President of BKMEA
Mohammad Hatem and Chair of Research and Policy Integration for
Development Dr. Mohammad Abdur Razzaque, among others, spoke during
the event.
It is notable that Bangladesh met all the criteria for LDC
graduation for the first time during the last triennial review of the
Committee for Development Policy (CDP) of the United Nations held in
March 2018.
As per the provisions of the United Nations, a country must be found
eligible in two successive triennial reviews to be recommended for
graduation by the CDP.
The data for the 2021 triennial review indicate that Bangladesh
meets the graduation thresholds for all the criteria again and it is
very likely that the country would be recommended for graduation in
the next triennial review to be held on 22-26 February 2021.
Bangladesh’s graduation is expected to be effective after 5 years of
preparatory period that is in 2026.