Bangladesh must prioritise quality enhancement and compliance with international standards to maintain export competitiveness in the post-LDC period, said the national strategy paper on LDC graduation.
The current economic model of Bangladesh, driven by export-oriented garments and a protected import-competing sector and based on low wages and minimal regulations, has reached its peak, it added.
The next phase of structural transformation is required to consider what is known as high-road economic development, mentioned the strategy paper titled the 'Smooth Transition Strategy (STS)'.
The major features of the strategy were shared during the 'Validation Workshop on Bangladesh's National Smooth Transition Strategy' held at a hotel in the capital on Sunday.
Economic Relations Division (ERD) and United Nations Department of Economic and Social Affairs (UN DESA) jointly organized the workshop.
Finance Adviser Dr. Salehuddin Ahmed attended the workshop as chief guest. Special Envoy on International Affairs to the Chief Adviser Lutfey Siddiqi, Principal Secretary to the Chief Adviser M Siraz Uddin Miah, Principal Coordinator (SDG) Lamiya Morshed, and the UN Resident Coordinator in Bangladesh Gwyn Lewis were present as special guests.
Member of the UN Committee for Development Policy Taffere Tesfachew attended the event as guest of honor. ERD Secretary Md. Shahriar Kader Siddiky chaired the event.
Speaking on the occasion, finance adviser Dr. Salehuddin Ahmed emphasized on increasing productivity, ensuring decent working environment and adopting new technology to prepare the country for LDC graduation. He also accentuated the need for ensuring equitable and inclusive growth to make LDC graduation sustainable.
Special Envoy on International Affairs to the Chief Adviser Lutfey Siddiqi, in his speech, said that Bangladesh's journey towards LDC graduation also gives credence and thrust to the reform agenda of the interim government.
Principal Secretary M Siraz Uddin Miah put emphasis on easing the business environment, facilitating the customs procedure, and enhancing productivity through technological upgradation and skill enhancement to increase the competitiveness of the local products.
Principal Coordinator (SDG) Lamiya Morshed said that the Smooth Transition Strategy can set the stage for aligning the LDC graduation roadmap with the SDGs implementation process.
ERD Secretary Md. Shahriar Kader Siddiky emphasised on the collaborative efforts of all the relevant stakeholders for effective implementation of STS. —BSS
