Tipu urges all to work hard for overcoming challenges of LDC graduation

Everyone must work diligently from their respective positions to fulfill the increasing responsibilities after Bangladesh's graduation from the Least Developed Country (LDC) status, said Commerce Minister Tipu Munshi on Thursday (17 November).

"The country will encounter various challenges after LDC graduation which must be overcome," said the minister at the "National Seminar on LDC Graduation" organised by the finance ministry's Economic Relations Division at the Pan Pacific Sonargaon Hotel, Dhaka.

Mentioning that Bangladesh is likely to achieve LDC graduation in 2026 and thus making extensive preparations, he said, "We are working towards more trade benefits by signing agreements including PTA or FTA with various countries."

He also said, "We want Bangladesh to work efficiently in light of the various regulations of the World Trade Organisation. By successfully achieving the SDGs before 2030, the country aspires to become a developed nation by 2041."

Besides, the commerce minister noted that the main export product of Bangladesh is ready-made garments.

"We have several large markets including the European Union countries, the United States of America and neighbouring India. So, the various opportunities to increase export of ready-made garments should be utilised."

Stressing on the importance of product diversification, Tipu Munshi remarked that it would not be right to base the export sector on one commodity only.

The commerce minister also said that extensive steps have been undertaken to increase investment in the country which will benefit investors as well.  

Under the direction of the prime minister, there has been rapid progress in establishing 100 Special Economic Zones across the country, he added.