Business leaders call for deferring LDC graduation by three to six years

Business leaders at a seminar on Thursday called for deferring the country's LDC graduation by three to six years, as they believe the country is not prepared to do so.

They also said the country's economy had been suffering from some unprecedented challenges induced from covid outbreak, followed by the Russia-Ukraine war, and reciprocal tariff imposed by the US government.

The trade leaders also suggested collaboration among the public and private sectors to prepare a well-thought-out plan for a smooth graduation from LDC.

They made the call at a Seminar on ‘LDC Graduation: Some Options for Bangladesh’ organised by ICC Bangladesh in collaboration with BAPI and BGMEA.

Mahbubur Rahman, President, ICC Bangladesh, chaired and moderated the programme.

Speaking on the occasion, Mahbubur Rahman said satisfying all three UN criteria during two consecutive reviews for LDC graduation, namely GNI, Human Assets Index and Economic Vulnerability Index, Bangladesh is now set to graduate in November 2026.

While this achievement reflects five decades of economic growth, poverty reduction, and industrial progress, it also signals the complex challenges that lie ahead.

Mentioning some challenges, he said the government’s Smooth Transition Strategy — including tariff reforms, bonded warehouse expansion, and export diversification — is a step in the right direction.

“But much of it is still on paper; therefore, implementation must accelerate,” he said.

“In this regard, the business community’s position is clear: We support graduation — but we need time to prepare,” Mahbubur Rahman said.

Mr. Abdul Muktadir, President, Bangladesh Association of Pharmaceutical Industries (BAPI), Mr. Mahmud Hasan Khan, President, Bangladesh Garment Manufacturers & Exporters Association (BGMEA), Syed Nasim Manzur, President, Leathergoods And Footwear Manufacturers & Exporters Association of Bangladesh (LFMEAB), Mr. Taskeen Ahmed, President, Dhaka Chamber of Commerce & Industry (DCCI), Mr. Abdul Hai Sarker, Chairman, Bangladesh Association of Banks (BAB), Dr. Fahmida Khatun, Executive Director, Centre for Policy Dialogue (CPD), Dr. M. Masrur Reaz, Chairman, Policy ExChange Bangladesh, Dr. Selim Raihan, Professor, University of Dhaka & Executive Director, South Asian Network on Economic Modeling (SANEM), Dr. Zaidi Sattar, Chairman and Chief Executive, Policy Research Institute of Bangladesh (PRI), also spoke on the occasion.

Mr. A. K. Azad, Vice President, ICC Bangladesh & Managing Director, Ha-Meem Group and Mr. Naser Ezaz Bijoy, Vice President, ICC Bangladesh & Chief Executive Officer, Standard Chartered Bank, delivered closing remarks.

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