LDC Graduation Strategy and Action Plan Should be Action-Oriented

Speakers at a high level dialogue held today at the Prime Minister’s Office said that the LDC Graduation strategy of Bangladesh and the associated action plan should be very highly action oriented to ensure a smooth and sustainable graduation.

Principal Secretary to the Hon’ble Prime Minister and the Chair of the National Committee on LDC Graduation Mr M Tofazzel Hossain Miah chaired the high level dialogue, said a press release.

Secretaries of the concerned government ministries and divisions as well as high level representatives of various business chambers participated in the dialogue, it said.

Bangladesh met all the criteria for graduation from the LDC status in the consecutive 2018 and 2021 triennial reviews of the Committee for Development Policy (CDP) of the United Nations. Following a five years’ preparatory period, Bangladesh will graduate from the LDC status in November 2026.

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 its development and trading partners and with targeted assistance from the UN system.

Accordingly, Bangladesh has recently started the process of STS formulation in collaboration with UN DESA. As part of this process, the high level dialogue was organized to share the draft STS as well as the associated action plan with the relevant stakeholders and to receive their feedback and recommendations, the press release mentioned.

Speaking on the occasion, Principal Secretary to the Hon’ble Prime Minister and the Chair of Mr. M. Tofazzel Hossain Miah said that the Smooth Transition Strategy can provide some effective recommendations for turning the challenges of Bangladesh’s upcoming LDC graduation into opportunities, it stated.

Participants observed that the draft STS should provide some specific recommendations on structural transformation, productivity enhancement, increasing domestic resource mobilization and tariff rationalization.

Secretary of the Economic Relations Division Mr Md. Shahriar Kader Siddiky, Executive Chairman of Bangladesh Investment Development Authority Mr Lokman Hossain Miah, Secretary of the Ministry of Commerce Mr Md. Selim Uddin, Senior Secretary of the Ministry of Industries Ms Zakia Sultana, former ERD Secretary and the current AlternateExecutive Director of the World Bank Group Ms Sharifa Khan, former Commerce Secretary Tapan Kanti Ghosh, Member of the National Board of Revenue Mr Md. Masud Sadiq, President of Metropolitan Chamber of Commerce and Industry Mr. Kamran T Rahman,

President of Dhaka Chamber of Commerce and Industries Mr Ashraf Ahmed, President of

Bangladesh Association of Pharmaceutical Industries Mr Abdul Muktadir, among others, spoke on the occasion.

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