Entrepreneurs seek clear roadmap, not vague promises for smooth LDC graduation

As Bangladesh prepares to graduate from the least developed country (LDC) category, private-sector leaders have demanded detailed, sector-specific action plans for SMEs, agriculture, pharmaceuticals and other key industries, rather than broad and generic reform pledges.

Speaking at a consultation organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in the capital today (31 August), business leaders warned that plans alone mean little without disciplined implementation and continuous monitoring to ensure real outcomes.

Chaired by FBCCI Administrator Md Fazlul Hoque, the meeting also called for stronger entrepreneurial capacity, skills development, greater investment in research and innovation, wider technology adoption, affordable financing, and upgraded logistics, along with an uninterrupted energy supply, all of which business leaders say are essential for industries to remain competitive once LDC-related trade benefits expire.

At the beginning of the meeting, FBCCI Secretary General Md Almgir presented a report on the challenges and opportunities associated with Bangladesh's LDC graduation.

The report noted that Bangladesh is expected to lose duty-free market access and trade preferences such as the Generalised Scheme of Preferences (GSP) and Everything But Arms (EBA) in the European market, one of its major export destinations, following graduation.

Stricter intellectual property rights (IPR) regulations will also pose challenges to several industries, including the pharmaceutical sector, the report said.

Against this backdrop, the report stressed the importance of ensuring private-sector participation in the government's reform initiatives.

During the open discussion, private-sector entrepreneurs said the benefits of LDC graduation would not materialise unless the action plans were realistic and implementable.

They proposed collecting accurate data and information from the grassroots level to identify the priority needs of different sectors and formulate strategies accordingly.

Dhaka Chamber of Commerce and Industry (DCCI) Senior Vice President Rajib H Chowdhury said Bangladesh lacks sufficient negotiation capacity and needs to strengthen it.

"Bangladesh's negotiation capacity needs to be enhanced. At the same time, the National Single Window must be made fully operational," he said.

Shamim Ahmed, president of the Bangladesh Plastic Goods Manufacturers and Exporters Association, said a large portion of the country's plastic industry produces copycat products.

After LDC graduation, intellectual property issues would become a major challenge for the sector, much like the pharmaceutical industry, he said.

He called for urgent government-private sector action plans to protect industries such as plastics, light engineering and cottage, micro, small and medium enterprises.

Ismat Jarin Khan, president of the Patuakhali Women Chamber of Commerce and Industry, urged the FBCCI to ensure that strategies for sustainable LDC graduation do not remain focused only on industries based in Dhaka.

She also called for easy-term loans, skills development and logistics support for women entrepreneurs at the grassroots level.

K S M Mostafizur Rahman, president of the Bangladesh Agro-Chemical Manufacturers Association (BAMA), said Bangladesh would face major challenges regarding intellectual property rights after LDC graduation.

The pharmaceutical, agriculture and agro-chemical sectors would be among those affected, he said, urging the government to expedite the registration of products manufactured in Bangladesh that fall under patent protection.

Attending the meeting Md Munir Chowdhury, national trade expert of the Bangladesh Regional Connectivity Project-1 under the Ministry of Commerce, said private-sector stakeholders must clearly identify the challenges facing their respective sectors.

He suggested forming councils involving the government and private sector to address those challenges and adopting results-based action plans.

At the meeting, FBCCI Administrator Md Fazlul Hoque urged all district chambers and sector-based associations to submit their specific proposals in writing to the FBCCI, so that these could be analysed and placed before policymakers, and said that the additional three years Bangladesh had received must be utilised properly. 

He added that if the private sector's capacity could be enhanced, the country's competitiveness in international markets would also increase, and sought cooperation from all district chambers and sector-based associations to this end.

Former FBCCI Administrator Md Hafizur Rahman, International Trade Expert of the Support to Sustainable Graduation Project Nesar Ahmed, members of FBCCI's support committees, former FBCCI directors, FBCCI Secretary General Md Almgir, BGMEA Director Sheikh Hossain Mohammad Mustafiz, BKMEA Vice President Mohammad Rashed, BJMA Chairman Abul Hossain, BTMA Director Sajid Ishraq, Bangladesh Women Chamber of Commerce and Industry President Sangeeta Ahmed, Bangladesh Jute Diversified Products Manufacturers and Exporters Association President Md Rashedul Karim Munna, and leaders of various chambers and associations also attended the meeting. Representatives from the Ministry of Commerce, Ministry of Industries, Bangladesh Standards and Testing Institution (BSTI) and ICT Division were also present.