Commerce Adviser Sk Bashir Uddin today urged the business community to utilize the opportunities after graduating from the Least Developed Country (LDC).
"Graduating from the status of least developed country (LDC) is now a necessity for Bangladesh, and as the country relies heavily on a single-sector export, diversification is crucial," he said while speaking as the chief guest at a seminar titled 'Diversification of Bangladesh's Export Basket: Challenges & Opportunities in the Post-LDC Graduation'.
The seminar was organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at the FBCCI Auditorium in the city, said a press release.
Bashir said given the necessity of graduation, Bangladesh must focus on the micro level to ensure a smooth transition.
"After LDC graduation, we will lose preferential treatment and tariff protections. We are working hard on SEPA, PTA, and FTA agreements to address this," he added.
Referring to opportunities for halal businesses in the global market, he said that simply obtaining a certificate from an Islamic foundation is not enough as it also involves business competition.
He further stated that capital formation was completely hindered during the fascist regime.
Secretary of the Ministry of Commerce Mahbubur Rahman, Chairman of the Bangladesh Trade and Tariff Commission Moinul Khan and Vice Chairman of the Export Promotion Bureau (EPB) Md Anwar Hossain addressed the seminar as special guests.
Moinul Khan said that the government is working on 33 bilateral agreements, including SEPA, PTA, and FTA. Japan, Singapore, UAE, China, and Sri Lanka are among the countries involved.
He also stated, "We want to engage with sector leaders and provide innovative support to exporters, similar to India's approach. We are committed to turning challenges into opportunities."
Md Anwar Hossain said that trade facilitation is the main obstacle to diversification. "If we could save 10 percent in costs, we wouldn't need preferential treatment," he added.
