Bangladesh's request for a three-year extension to its preparatory period for graduation from the Least Developed Country (LDC) category is intended to ensure a smooth, resilient and sustainable transition rather than delay the process, Commerce Minister Khandaker Abdul Mukdadir said on Thursday.
"We are not seeking additional time to postpone graduation. Rather, we want to ensure a stable, sustainable and effective economic transformation," the minister told a seminar titled "Bangladesh's Preparation for LDC Graduation and the Rationale for Extending the Preparatory Period" at the NEC Conference Room in Agargaon.
The event, jointly organised by the Economic Relations Division (ERD) with support from the Ministries of Commerce and Foreign Affairs, brought together diplomats, development partners, private-sector representatives and policymakers to discuss Bangladesh's graduation roadmap and the justification for seeking more preparation time.
Mukdadir said the government had formally requested the UN Committee for Development Policy (CDP) to extend the preparatory period by three years in light of mounting global and domestic challenges, including trade uncertainties, geopolitical tensions, persistent inflationary pressures, supply-chain disruptions and structural economic constraints at home.
According to the minister, the CDP has responded positively to Bangladesh's appeal and has already submitted its assessment to the UN Economic and Social Council (ECOSOC), which is expected to place the proposal before the UN General Assembly for final approval.
He noted that the government has adopted a comprehensive roadmap encompassing 25 priority reforms aimed at safeguarding macroeconomic stability, accelerating trade and investment liberalisation, easing regulatory bottlenecks, enhancing competitiveness, strengthening institutions and developing human capital.
In a significant pledge to improve the business climate, Mukdadir announced plans to slash the time required to establish a business from nearly one year to just 14 days, enabling entrepreneurs to open letters of credit (LCs) for machinery imports on the fifteenth day.
Diplomats and development partners attending the seminar underscored the importance of export diversification, comprehensive financial-sector reforms and broadening the country's tax base to ensure a successful and sustainable transition from LDC status.
They stressed that strengthening economic resilience, enhancing competitiveness and deepening institutional reforms would be critical for Bangladesh to maintain growth momentum and protect development gains after graduation.
The seminar was attended by ambassadors, high commissioners and representatives of foreign missions, development agencies, business leaders, think tanks and senior officials from various ministries and government institutions.
