Diversify exports, tap local industries' potentials to face LDC challenges: Experts

Relevant stakeholders in Khulna have been called for diversifying exports, and tapping the fullest potentials of local shrimp, jute and tourism industries, to prepare for the country's post-LDC graduation challenges.

Addressing a workshop titled "Local Level Stakeholders Consultation on Inclusive, Smooth and Sustainable LDC Graduation" in Khulna on Thursday, experts emphasised the need for innovation, skills enhancement, cost minimisation, and productivity enhancement in ensuring a sustainable LDC graduation.

Speaking as the chief guest, ERD Secretary Sharifa Khan said cost minimisation and productivity enhancement can prepare the local industries for increased competition after LDC graduation. The workshop was organised by the Support to Sustainable Graduation Project (SSGP) of the Economic Relations Division (ERD), in collaboration with the Khulna district administration and the Khulna Chamber of Commerce and Industry.

Divisional Commissioner of Khulna Md Zillur Rahman Chowdhury, who was present as a special guest at the event, identified skill enhancement as the major prerequisite for sustainable LDC graduation as well as for attaining developed country status by 2041.

Deputy Commissioner of Khulna Khandaker Yasir Arefin, who chaired the workshop, stressed on research and innovation as well as strengthening of institutional structures.

Meanwhile, Bangladesh met all the criteria for graduation from the LDC status during the triennial review of the Committee for Development Policy (CDP) of the United Nations back in 2018 and 2021. The country is set to leave the list of LDCs by 2026 after enjoying a preparatory period of five years.

ERD's Support to Sustainable Graduation Project Director, Additional Secretary Farid Aziz emphasised on sensitising the local private sector representatives, especially the export-oriented industries about the opportunities to be created by LDC graduation of the country.

International Trade Expert of SSGP Nesar Ahmed delivered a presentation providing an overview of the LDC Graduation process while Component Manager of SSGP and Joint Secretary Dr Md Rezaul Bashar Siddique delivered a presentation on "Measures undertaken for Sustainable Graduation and the Role of Local Level Stakeholders".

Khulna's Superintendent of police Muhammad Mahbub Hasan, Kuet Professor Md Mustafa Saroar, former Commander of the Khulna City Muktijoddha Command Council Professor Md Alamgir Kabir, Khulna Press Club President SM Nazrul Islam and Khulna Chamber of Commerce and Industry Senior Vice President Sharif Atiar Rahman also spoke at the event.

At the workshop, local stakeholders emphasised on ensuring gas supply in the region, infrastructure development and tapping the full potential of Mongla port.