Lutfey Siddiqi, Special Envoy on International Affairs to the Chief Adviser spoke at an event today at the ERF auditorium in the capital. Photo: PID

DHAKA, March 25, 2025 (BSS) – Lutfey Siddiqi, Special Envoy on International Affairs to the Chief Adviser, today stressed on taking necessary preparations by all the concerned stakeholders, ministries, divisions, industries and businesses to ensure the country’s smooth LDC graduation.

“Graduation from the LDCs is not an option for us rather we’ll have to do it,” he said while addressing an event on “LDC Graduation: Impacts on Agro Sector; Export Diversification and the Way Forward”.

Lutfey also said, “We’re graduating while our patent standards and compliance standards need to go up.”

The Economic Reporters Forum (ERF) and the Bangladesh Agrochemical Manufacturers Association (BAMA) jointly organized the event, held at the ERF auditorium in the capital.

Chief Adviser’s Press Secretary Shafiqul Alam spoke as special guest while BAMA President KSM Mostafizur Rahman made the key-note presentation. D8 Chamber of Commerce and Industry Secretary General Ashraful Haque Chowdhury spoke as panel discussant.

Presided over by ERF President Doulot Akter Mala, its General Secretary Abul Kashem moderated the event.

Citing that Bangladesh is still in the ‘amateur category’ for ensuring LDC graduation, the Special Envoy said that for playing in the ‘professional category’ of LDC graduation, Bangladesh needs to have proper fitness and thus do necessary practices. 

“If we waste time, then we’ll remain unprepared. If we turn it around, then we’ll have immense opportunities before us especially considering the geopolitical trend. Businesses are being shifted from many countries while we’re talking about export diversification. Others are thinking about location diversification,” he added.

He said that each ministry and division as well as industries of the country should have specific road map on the preparations of the LDC graduation. “As a system and as one Bangladesh, we need to move together.”

Mentioning that labour standards, environmental standards, green credentials are very much important and also work as enablers, Lutfey said, “The more we’ll become green and show credentials, we’ll have more market access in the post LDC period.”

The Special Envoy to the Chief Adviser said that one of the objectives of the interim government’s economic reforms is to free the country from the clutch of ‘syndicate’.

He alleged that after taking charge, one word ‘syndicate’ came across him wherever he looked around although fair competition is supposed to prevail in the market.

The Special Envoy said that they need to deal with ‘syndicate’ and ‘nexus’ where economic and institutional reforms are also needed.

He mentioned that over the last few days, they were very much focused on how to curb inflation with the concerted efforts from all including the commerce adviser and it is paying off.

Considering the geo economic location of the country, Lutfey said Bangladesh could become a hub like Dubai and Singapore if the ease of doing business is improved further while the existing market economy could be made more market economy.

He said that the government is working on how to make the Chattogram Port more efficient as it is already dealing with the highest number of containers.

“Finally our vision is to make the country as an economic hub and we’re very agile in this regard. Bangladesh is being made an attractive place for doing business,” he added.

Chef Adviser’s Press Secretary Shafiqul Alam said that the chief adviser himself wants to create more jobs while it is the philosophy of the chief adviser that Bangladesh would become a manufacturing hub.

To take Bangladesh into another height, he stressed on more export diversification, adding that becoming manufacturing hub would not only benefit Bangladesh, but also the neighboring India, Nepal and Bhutan.

Shafiqul also underscored the need for properly utilizing the huge manpower of the country, taking benefits from the global trade war as higher tariffs are being imposed on products of China, Canada and Mexico, and ensuring optimum efficiency at Chattogram Port.

“If we want to make Bangladesh a manufacturing hub in true sense, then we’ll have to make Chattogram Port more efficient as more export orders depend on the efficiency of this port,” he added.