Bangladesh is likely to get an additional three years before its graduation from the Least Developed Country (LDC) category, Information and Broadcasting Minister Zahir Uddin Swapon said on Monday.
The economy must be restructured with exports as the top priority, he said. Challenges in the export sector will increase, not decrease, after graduation, he added.
The minister was speaking at a seminar on LDC graduation and trade competitiveness, organised by the Research and Policy Integration for Development (RAPID) at the National Press Club.
He said the UN Committee for Development Policy has recommended deferring Bangladesh’s graduation. The recommendation now awaits approval from the UN General Assembly, where Bangladesh currently holds the presidency.
The government expects to secure the requested three-year extension, taking the timeline to November 2029, Swapan said. He said Bangladesh must use the extended period to identify areas where it can genuinely strengthen export capacity.
The minister said Bangladesh’s biggest asset is its human resources, given the country’s lack of significant natural resources, and called for skilled workforce development aligned with global labour market demand.
RAPID Chairman Dr M A Razzaque said the country’s export trade has entered a critical phase, with earnings stagnant over the past four years even as competitors like Cambodia have expanded their exports significantly.
Rapidly changing regulations in Bangladesh’s key markets, the European Union and the United States, combined with rival exporters benefiting from free trade agreements, have put Bangladesh under serious competitive pressure, he said.
Economic Reporters Forum President Doulot Akter Mala said investors often face a much higher effective tax rate in practice than the nominal rate, sometimes reaching 55 percent, an issue that needs to be addressed.
RAPID Executive Director Professor M Abu Yousuf moderated the event. Economists, researchers and journalists were attended the event.
