Export diversification stressed for sustainable LDC graduation

Speakers at a workshop on Thursday called for export diversification to ensure Bangladesh’s smooth and sustainable graduation from the least developed country (LDC) status.

They also called for necessary policy support to tap into the fullest potential of local shrimp, jute, and tourism industries.

The Support to Sustainable Graduation Project (SSGP) of the Economic Relations Division (ERD) organised the workshop styled “Local Level Stakeholders Consultation on Inclusive, Smooth and Sustainable LDC Graduation’’ in collaboration with the Khulna district administration as well as the Khulna Chamber of Commerce and Industry in Khulna.

ERD Secretary Sharifa Khan graced the occasion as the chief guest. Divisional Commissioner of Khulna Md Zillur Rahman Chowdhury attended the event as the special guest while Deputy Commissioner of Khulna Khandaker Yasir Arefin chaired it.

The ERD secretary emphasised cost minimisation and productivity enhancement to prepare the local industries for increased competition after the graduation.

The divisional commissioner of Khulna identified skill enhancement as the major prerequisite for smooth and sustainable graduation as well as attaining the status of a developed country by 2041.

The deputy commissioner of Khulna in his speech put enhanced emphasis on research and innovation as well as the strengthening of institutional structures.

Farid Aziz, additional secretary of ERD and director of SSGP, delivered the welcome remarks. He emphasised sensitising the local private sector representatives, especially the export-oriented industries, about the opportunities to be created by the LDC graduation.

Bangladesh met all the criteria for graduation from the LDC status during the triennial review of the Committee for Development Policy (CDP) of the United Nations back in 2018 and 2021.

The CDP then recommended Bangladesh for LDC graduation with a five-year preparatory period. The recommendation was duly endorsed by the United Nations Economic and Social Council (ECOSOC).

The United Nations General Assembly (UNGA) took note of Bangladesh’s graduation recommendation during its 76th session held in November 2021. The country is set to leave the list of LDCs by 2026 after enjoying a preparatory period of five years.

The government is attaching the highest priority to ensure smooth and sustainable graduation with momentum. It has formed a National Committee on LDC Graduation (NCG), headed by the principal secretary to the prime minister, involving all the relevant ministries and organisations from both public and private sectors.

Seven thematic subcommittees have been formed under the guidance of the NCG to address various core issues related to the graduation. It is recommended by the United Nations that a graduating LDC should prepare a national smooth transition strategy (STS) during the preparatory period in cooperation with the relevant stakeholders.