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LDC graduation strategy should be aligned with 9th FYP

Published : Monday, 10 June, 2024 at 12:00 AM  Count : 128
Business Correspondent
The country should formulate its strategy for LDC graduation aligned with its upcoming 9th Five Year Plan, experts said at a workshop in the capital on Sunday on Bangladeshs Smooth Transition Strategy (STS).

They also said such a strategy should be in line with the countrys long term development goals with a view to avoid the Middle Income Trap. Economic Relations Division (ERD) and United Nations Department of Economic and Social Affairs (UN DESA) jointly organized the event at Bangabandhu International Conference Centre in Dhaka.  

Finance Minister Abul Hassan Mahmood Ali attended the opening session as chief guest. State Minister for Finance Waseqa Ayesha Khan and the Secretary of the Ministry of Commerce Md Selim Uddin attended as special guests. UN Resident Coordinator in Bangladesh Ms. Gwyn Lewis was guest of honour. ERD Secretary Md. Shahriar Kader Siddiky chaired the event.

Following a five years preparatory period, Bangladesh will graduate from the LDC status in November 2026 and the UN has recommended that a graduating LDC should prepare a national Smooth Transition Strategy (STS) in cooperation with its development and trading partners.
 
Bangladesh has recently started the process of STS formulation in collaboration with the UN agencies. The technical workshop was organized Sunday to share the draft STS and the action plan with the relevant stakeholders along with feedback and recommendations from them.  

Speaking on the occasion, Finance Minister Abul Hassan Mahmood Ali has said  Bangladesh could overcome all the challenges if the right policies and strategies are put in place.

Our strengths lie in our hardworking people, vibrant entrepreneurs, the young generation and people friendly government under the leadership of Honle Prime Minister Sheikh Hasina, the Finance Minister said.

State Minister for Finance Ms. Waseqa Ayesha Khan, said on this occasion the STS should promote structural transformation to avoid the Middle Income Trap. She also said STS should be aligned with our long-term development goals.
 
ERD Secretary Md Shahriar Kader Siddiky, called for aligning the STS with the 9th Five Year Plan of the country. He also put emphasis on turning the LDC graduation challenges into opportunities.  

Commerce Secretary Md Selim Uddin STS should come up with specific measures for increasing the competitiveness of domestic products and for diversification of the countrys exports.

UN Resident Coordinator Ms. Gwyn Lewis said the United Nations system is committed to supporting Bangladesh as it moves towards graduation with an emphasis on strengthening macroeconomic stability, addressing challenges of market access, sustaining trade and investment and accelerating reforms for skills, technology, innovation, and compliance with environmental, social and governance standards.

Additional Secretary of ERD and the Project Director of SSGP A. H. M. Jahangir  recommendations coming from the STS should be reflected in the upcoming 9th Five Year Plan.

National consultant for STS Dr. M. A. Razzaque highlighted the various aspects of the STS that is being formulated at the moment. International consultant for STS Cuong Minh Nguyen spoke on the STS Action Plan.



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