Govt to seek delay in LDC graduation: Commerce minister
New commerce minister Khandaker Abdul Muktadir has said initiatives will be taken to defer Bangladesh’s graduation from the least developed country (LDC) category. He added that work on the matter began today.
He told journalists this at the secretariat on Wednesday. Work has already started at the Ministry of Commerce, and coordination and necessary communication will soon be carried out with the Economic Relations Division (ERD), he added.
He also said there is no obligation to send a formal letter in the first week, but work on the issue has begun from today,
Regarding the slowdown in exports, the commerce minister said Bangladesh’s export structure remains highly concentrated. At present, around 85 per cent of the country’s total export earnings come from a single product. To address this situation, diversification in export products will be introduced. Expanding into new markets and providing proper support to private entrepreneurs interested in investment will be the government’s priority.
He said sudden changes in United States tariff policy have created instability in the global market. As a poor country, Bangladesh has very limited room for mistakes. The country lacks the capacity to absorb policy errors or prolonged external shocks. Therefore, the government has begun working to quickly overcome the sluggish situation seen in recent months.
On the Ramadan market, the commerce minister said the market will remain stable if supply remains normal. He assured that the government has sufficient stocks of essential commodities for the month of Ramadan and the period afterwards, and that adequate supply in the pipeline has also been ensured. There is no reason to panic.
Regarding syndicates in the commodity market, he said he does not want to only make statements but wants to show results through action.
On investment, Khandaker Abdul Muktadir said investment does not come amid uncertainty. The primary condition for investment is a stable environment. Investors must be assured that they will receive reasonable returns against their capital and labour. He added that the country has a large working-age population, with around 2 to 2.2 million people entering the labour market every year.
He further said investment has remained stagnant for two to three years, creating major pressure on the economy. If this situation cannot be overcome, risks may arise for employment and overall economic stability.
Calling for cooperation with the government, the new commerce minister said people should point out mistakes if they occur and that the country must move forward through collective efforts.