Political stability is essential for development
The approval of the UN General Assembly's final recommendation for Bangladesh’s graduation from a least developed country to a developing country is a milestone. The speech made by prime minister Sheikh Hasina in a video conference from Ganabhaban on Sunday at the Bangabandhu International Conference Centre on the occasion of recognition of transition to developing countries is inspiring. She quotes from a poem by Robert Frost as she speaks of her commitment to advancing the cause of development. The quote from Frost's poem is, “The woods are lovely, dark and deep, but I have promises to keep, and miles to go before I sleep, and miles to go before I sleep.”
In November, the UN General Assembly approved the recommendation to upgrade Bangladesh from a list of least developed countries to a developing country. It will take five years to prepare. In other words, on 24 November, 2026, Bangladesh will be considered as a developing country. If Bangladesh becomes a developing country, people from all walks of life will get its benefits and Bangladesh's position in the international arena will be even stronger. It is a matter of joy and pride for all of us.
In her remarks, the prime minister noted that as a developing country, the government has been working to formulate a 'National Smooth Transition Strategy' to address the future challenges as well as to use the transition opportunities to make graduation sustainable. We think the strategy needs to be finalised quickly. As a developing country, the benefits we currently receive in foreign trade will shrink, and foreign aid will shrink. We have to compete openly for export.
In that case, the scope and capacity of foreign trade should be increased. However, it is also true that competition often creates new opportunities. Earlier we used to get quota facilities for export of readymade garments. Despite not having that facility at present, our garment exports to the United States and Europe continue to grow.
However, we have more internal challenges than external challenges regarding development. In particular, political stability, good governance, corruption-free governance and democracy are among the prerequisites for sustainable development in any country. Deficiency or absence of any one of these will hinder the achievement of development targets.
Admittedly, although we have made great strides economically, we are lagging behind in terms of the rule of law. The state of democracy is also very shaky. It is unfortunate that even after 50 years of independence, we have not been able to get out of the electoral debate. The talks between the leaders of the ruling and opposition parties at the beginning of 2022 are giving a hint of a new wind in the political arena.
Along with development, the government should also focus on improving the living standards of the people. They need to realise that political stability is essential for sustainable development.