ICCB emphasised on timely action to avoid falling into the 'middle-income trap" where a number of countries are stuck in the lower-middle income status and are unable to move up.
"The country is now at an important juncture," said International Chamber of Commerce, Bangladesh (ICCB) president Mahbubur Rahman while presenting the Executive Board report on Saturday.
Rahman said Bangladesh should now be prepared for the probable impact of graduation.
"It is high time for the country to formulate effective strategies to face the challenges of graduation, as it will gradually lose preferential trade opportunities", he said while presenting the report at the ICC Bangladesh annual council.
Mahbubur Rahman said the probable impact of Bangladesh's loss of preferential facilities in major export destinations will be felt on the export, sustainable GDP growth and other socio-economic indicators.
He mentioned that Bangladesh is now enjoying preferential access of varying degrees offered by more than 40 countries, as per a report on UNB.
Economists predict that the country is likely to lose about $2.7 billion in export earnings every year once it graduates from the LDC bracket, the Council Report added.
"In order to achieve 8.0 per cent plus growth, we believe that it is necessary for us to ensure political stability, financial sector reform, ensure access to reliable and affordable power, efficient infrastructure (including ports and improved highways), export diversification and enforcement of laws to reduce cost of doing business," said the ICCB President.
The Council adopted the Executive Board Report and Audited Financial Statements of ICC Bangladesh for the year 2017 and announced the New Executive Board of ICC Bangladesh for the period of April 2018 to March 2020.
Among others, ICCB Vice Presidents Latifur Rahman, Rokia A Rahman; DCCI President Abul Kasem Khan; FICCI Vice President Francois de Maricourt and ICCB Board Members, among others, were present.