New govt to seek deferral of LDC graduation: Commerce minister
Speaking to reporters at the Secretariat today (18 February), the minister said the government is committed to pursuing a delay in LDC graduation and will take “all required measures” to achieve that goal.
The newly formed government will take steps to defer Bangladesh's graduation from the Least Developed Country (LDC) category, said Commerce Minister Khandaker Abdul Muktadir.
Speaking to reporters at the Secretariat today (18 February), the minister said the government is committed to pursuing a delay in LDC graduation and will take "all required measures" to achieve that goal.
The initiative has already been launched by the Ministry of Commerce in coordination with the Economic Relations Division (ERD), he added.
Keep updated, follow The Business Standard's Google news channel
Referring to long-standing demands from business associations, the minister said the issue is being treated with the highest priority. Although there is no obligation to submit a formal request within the first week of taking office, work on the matter has already begun, he said.
Exports must be diversified
Addressing the recent slowdown in exports, the minister noted that Bangladesh's export structure remains heavily concentrated, with nearly 85% of total exports dependent on a single product category.
"To overcome this vulnerability, we must diversify our export basket, introduce new products and expand into new markets," he said. The government also aims to support private sector entrepreneurs willing to invest and expand operations.
He pointed to global trade uncertainties, particularly sudden shifts in US tariff policy, as contributing factors. As a developing economy with limited margins for error, Bangladesh cannot afford policy missteps, he said, adding that the government will work to reverse the recent sluggish trend in trade and investment.
Ramadan market a 'major test'
On concerns over price stability during Ramadan, the minister said the government has sufficient stocks of essential commodities and adequate pipeline supplies to ensure market stability.
"If supply remains normal, the market will remain stable. There is no reason for panic," he said.
Responding to questions about alleged market syndicates that often surface during Ramadan, the minister said he prefers results over rhetoric. "I will not give sound bites; Inshallah, I will demonstrate through action," he remarked.
He attributed price hikes at the beginning of Ramadan to a one-time surge in demand, as consumers often purchase for the entire month at once, temporarily increasing pressure on retail markets.
Investment climate key to growth
On domestic and foreign investment, the minister stressed that uncertainty discourages investors. "The first condition for investment is stability. Investors need assurance of expected returns on their capital and labour," he said.
Bangladesh has a large working-age population, with approximately 2 to 2.2 million people entering the labour market annually. However, stagnant investment over the past two to three years has created mounting pressure on employment and economic growth, he warned.
Responding to a question about whether managing Ramadan immediately after assuming office poses a challenge, the minister described it as a significant test for the government.
"This is not about any individual—it is about the country," he said, urging cooperation from the media and all stakeholders. "If we work together and correct mistakes when they occur, we can move the country forward."
