Next target to be developed country after LDC graduation: PM Hasina

Prime minister addresses the 11th meeting of the National Committee on Export at her official residence Ganabhaban

Prime minister Sheikh Hasina on Monday put emphasis on formulating a new long-term export policy considering country's graduation to developing country from LDC after 2026, reports UNB.

"We will get some opportunities after graduating to a developing country from the LDC in 2026. We need to plan now how we will utilise those opportunities to make our economy stronger and develop the country," she said.

The prime minister said this while speaking at the 11th meeting of the National Committee on Export at her official residence Ganabhaban.

She said that after graduating to a developing nation the next move will be to become a developed economy.

Hasina also asked the authorities concerned to utilise the opportunities in regard to enhancing export items that is necessary due to the Russia-Ukraine war.

She said that the Russia-Ukraine war also creates an opportunity for Bangladesh to find new markets with its own products.

"We have to catch that," she added.

She said that many countries have already showed their interests to import food items from Bangladesh.

"We can export those items after fulfilling local demands. We can take initiatives for that," she said.

She mentioned that it would bring immense opportunities by establishing food processing industries in the country and export those.

The PM said that the government has given importance to the export sector.

"After assuming power we have taken steps to adopt a long-term export policy instead of one-year policy. Because, to achieve anything there is no alternative to long-term strategy," she said.

She mentioned that the government has formulated export policy until 2024 (2021-2024).

"...but what will we do after that. In the meantime we have graduated to a developing country. I think that this is the right time to think about what we will do in the coming days or how we will advance," she said.

She put emphasis on setting the next move for the economy keeping in mind the present economic turmoil across the globe.

"We must see how we can attain the sustainable export growth. For that we have to find new markets across the globe. We have to diversify our products, and we have to induct new items in our export baskets," she said.

She said that the Awami League government has given utmost importance to the private sector and it opened every sector to the private entrepreneurs as it is not possible for the government alone to develop the country.

"We are giving all kinds of assistance and cooperation to the private sector," she said.

For the development of country's export sector, she said, now "we need to adopt a strategy for the development and for the export sector we have to identify our products."

"We have formulated perspective plan which aims at making the country developed by 2041. For that we need to advance gradually and we have to work in this field" she said.

She said that diversification of export items is urgently needed and it is essential to find new markets for country's export items.

She mentioned ICT or digital device, RMG, pharmaceuticals, light and medium weight industries, motor vehicles and electronic motor vehicles as new export items.

She said that the government is preparing one hundred economic zones where investment from home and abroad is coming.

"Bangladesh has been able to attract foreign investments due to right policies" she said.