LDC transition a scope to be accustomed to global competition: Experts | The Business Standard
Skip to main content
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Monday
June 16, 2025

Sign In
Subscribe
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
MONDAY, JUNE 16, 2025
LDC transition a scope to be accustomed to global competition: Experts

Bangladesh

TBS Report
22 November, 2021, 09:50 pm
Last modified: 23 November, 2021, 12:21 pm

Related News

  • Businesses seek alternatives to incentives, subsidies in post-LDC
  • LDC graduation offers opportunity to reassess our trajectory: Finance ministry special assistant
  • How GI products can drive sustainable export growth post LDC graduation
  • Govt urged to defer the country's graduation from LDC as it lacks readiness 
  • LDC graduation: Govt to form body to pursue trade deals

LDC transition a scope to be accustomed to global competition: Experts

Speakers also stressed the need to engage the private sector to facilitate national development

TBS Report
22 November, 2021, 09:50 pm
Last modified: 23 November, 2021, 12:21 pm
LDC transition a scope to be accustomed to global competition: Experts

The transition period of the least developed country (LDC) should be used to make Bangladesh accustomed to global competition, said experts and stakeholders at a national dialogue on LDC graduation.  

They said formulation of an effective Smooth Transition Strategy (STS) is now very crucial for Bangladesh as the country has received the final recommendation to graduate from the LDC category in 2026. 

"Bangladesh is the biggest economy among the countries graduating from LDC status. If the country wants access to foreign technologies, intellectual property laws need to be bolstered. Reform in policy, regulation, and infrastructure is required for the country to become a high-income country in the future," Mahesh Mishra, head of prosperity and economic growth team of Foreign, Commonwealth & Development Office at British High Commission, said in the dialogue. 

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

A total of three roundtable discussions was held under the dialogue organised by the Centre for Governance Studies (CGS) on Monday at Hotel Intercontinental. These are "Preparedness for smooth and sustainable LDC graduation," "LDC graduation and effective development cooperation" and "LDC graduation: Opportunities and challenges for commerce and trade".

Mercy Miyang Tembon, country director (Bangladesh and Bhutan) of World Bank, emphasised the need for trade competitiveness. In order to become more competitive, she suggested policy action such as tariff rationalisation and accelerating the processing speed of institutions. 

She stressed the need to engage the private sector to facilitate national development. 

Bangladesh has received the final recommendation by the Committee for Development Policy of the United Nations (UN-CDP) in February 2021 to graduate from the LDC category in 2026. 

The period 2021-2026 is the preparatory time for Bangladesh for formulation and implementation of a STS to mitigate the challenges and ensure sustainable graduation.    

Dr Khondaker Golam Moazzem, research director of CPD, said Bangladesh needs to take a stance while discussing trade deals with the World Trade Organisation. 

"It will help a lot if Bangladesh manages to get some duty free access to international markets after graduating. However, Bangladesh should still look to strengthen its institutions to be capable of competing without relying on preference-based trade."

"An economy cannot be devoid of society". Such was the tone of the discourse set by Dr Abdul Moyeen Khan, former minister for planning, information, science and ICT and also a national standing committee member of BNP. 

The former minister stated that there are three technical indexes a nation must fulfil to get recommended for graduation. 

"The index goals are in the Gross National Income index, the Human Assets Index, and the Economic Vulnerability Index. However, all these international criteria are flawed in terms of concept when it comes to Bangladesh." 

"An economy cannot be devoid of society, and the most important criteria for graduation is the criteria of democracy," he added. 

Sheikh Shahidul Islam, former education minister, said, "We are still underprepared for LDC. Most of the preparations are only on paper and we should start our journey right now. Otherwise, we will be left behind." 

"Bangladesh does not have the technology or preparation for the 4th industrial revolution. Universities have not updated their curriculum, so we do not have skilled labour to operate cutting-edge technologies," he added.

Observing that instead of least developed countries, we should have been called most exploited countries, chief guest of the event Planning Minister MA Mannan highlighted the remarkable growth of Bangladesh since independence, stating how the nation overcame lack of electricity and abject starvation, to now graduate LDC. 

"There is income disparity in Bangladesh, but there is no country in the world where there is no disparity. The government's strategy is to raise the whole economy, so that the bottom line is raised as well," he said. 

"While neighbouring countries experienced negative GDP growth, Bangladesh is still securing positive GDP growth," he added.  

Regarding the discussion of what comes first, development or good governance, the minister said, "Good governance for Bangladesh is a pie in the sky. Significant development needs to come first before we arrive at that destination."

Professor Rashed Al Mahmud Titumir, chairman at Development Studies at Dhaka University stated that Covid-19 has created several economic constraints on Bangladesh's path to becoming a developed country, which could be an obstacle to achieving Bangladesh's development goals from a least developed country. 

"Our country has technical limitations. There is a consumer shortage. At the same time, the contribution of the private sector to the economy of Bangladesh is more or less the same every year," he said.

FBCCI President Md Jashim Uddin highlighted some opportunities in international trade that Bangladesh can take advantage of, such as a Free Trade Agreement with Germany.

Yuji Ando, country representative of Japan External Trade Organisation, said, "Once a Free Trade Agreement is signed, we hope that trade between Japan and Bangladesh will increase. Before that, smooth administrative support must be ensured."

Zillur Rahman, executive director of the CGS delivered the welcome speech at the event. 
 

Top News

LDC graduation

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • BNP gears up for polls — preps ongoing from grassroots to top brass 
    BNP gears up for polls — preps ongoing from grassroots to top brass 
  • Non-performing loans surge by Tk74,570cr in Q1 as hidden rot exposed
    Non-performing loans surge by Tk74,570cr in Q1 as hidden rot exposed
  • Representational image of school children. File photo: Collected
    Govt issues urgent guidelines to educational institutes to curb Covid, dengue spread

MOST VIEWED

  • Vehicles were seen stuck on the Dhaka-Tangail-Jamuna Bridge highway due to a traffic jam stretching 15 kilometres on 14 June 2025. Photo: TBS
    15km traffic jam on Dhaka-Tangail-Jamuna Bridge highway as post-Eid rush continues
  • Tour operator Borsha Islam. Photo: Collected
    ‘Tour Expert’ admin Borsha Islam arrested over Bandarban tourist deaths
  • Infographic: TBS
    Chattogram Port proposes 70%-100% tariff hike
  • Fighter jet. Photo: AFP
    3 F-35 fighter jets downed, two Israeli pilots in custody, claims Iranian media
  • Bangladesh Bank Governor Ahsan H Mansur. TBS Sketch
    Merger of 5 Islamic banks at final stage: BB governor
  • Infograph: TBS
    Why 10 economic zones, including BGMEA's garment park, were cancelled

Related News

  • Businesses seek alternatives to incentives, subsidies in post-LDC
  • LDC graduation offers opportunity to reassess our trajectory: Finance ministry special assistant
  • How GI products can drive sustainable export growth post LDC graduation
  • Govt urged to defer the country's graduation from LDC as it lacks readiness 
  • LDC graduation: Govt to form body to pursue trade deals

Features

Renowned authors Imdadul Haque Milon, Mohit Kamal, and poet–children’s writer Rashed Rouf seen at Current Book Centre, alongside the store's proprietor, Shahin. Photo: Collected

From ‘Screen and Culture’ to ‘Current Book House’: Chattogram’s oldest surviving bookstore

11h | Panorama
Photos: Collected

Kurtis that make a great office wear

2d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

4d | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

5d | Features

More Videos from TBS

Macron to visit Greenland after Trump's annexation threat

Macron to visit Greenland after Trump's annexation threat

7h | TBS World
Important facilities including Natanz damaged in Israeli attack

Important facilities including Natanz damaged in Israeli attack

7h | Others
Iran's gas production from South Pars halted after Israeli attack

Iran's gas production from South Pars halted after Israeli attack

8h | TBS World
Why the Strait of Hormuz is a key point of discussion in the Iran-Israel conflict

Why the Strait of Hormuz is a key point of discussion in the Iran-Israel conflict

7h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net