STAR BUSINESS REPORT

The first meeting of the expert committee tasked with ensuring Bangladesh’s smooth transition from the least developed country (LDC) status was held virtually yesterday, hosted by Economic Relations Division.

Anisuzzaman Chowdhury, special assistant (rank of state minister) of the Ministry of Finance, presided over the session.

Committee members -- including Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue (CPD), Monzur Hossain, research director at the Bangladesh Institute of Development Studies (BIDS), Abdur Rahim Khan, additional secretary to the commerce ministry, MA Razzaque, chairman of RAPID, and Kazi Iqbal, senior research fellow at the BIDS -- participated in the discussions.

The meeting focused on key aspects of Bangladesh’s transition, emphasising strategic planning, prioritisation of necessary actions, monitoring mechanisms, and government advisory considerations.

Besides, stakeholders’ opinions were collected to formulate actionable policies that would facilitate a seamless graduation.

Monzur Hossain, research director of the BIDS, said the committee held its first meeting to discuss Bangladesh’s transition from LDC status.

Various stakeholders shared their insights, emphasizing the need for well-structured and implementable policies, he added.

A comprehensive strategy report on LDC graduation will be prepared, outlining short, medium, and long-term plans to ensure a smooth transition.

Furthermore, the meeting identified priority initiatives crucial for Bangladesh’s economic and structural development.

According to him, discussions also underscored the importance of international engagement and cooperation.

Moreover, the experts deliberated on how Bangladesh could leverage its global trade partnerships to retain benefits even after the LDC graduation.

The role of the private sector was also highlighted, with an emphasis on enhancing its contribution to the national economy, Hossain said.

To oversee the implementation of these plans, a proposal was placed to establish a monitoring committee.

“The roles of the government and other relevant agencies must be clearly defined to ensure smooth execution of suggestions,” he added.

Hossain also informed that the meeting explored ways for Bangladesh to continue enjoying preferential trade benefits until 2029, with key considerations including access to climate change funds and other international financial assistance.