DHAKA, July 26, 2021 (BSS) -  Speakers at a webinar today laid emphasis on

upgrading hard and soft business infrastructures; encouraging linkage industries

and establishment of special economic zones; and active pharmaceutical ingredient

(API) park for smooth and sustainable graduation of Bangladesh from LDC status by

2026.

They also advocated for establishment of more fashion design institutes; raising

competitiveness by increasing productivity and reducing cost of production;

improving business climate and trade facilitation system for sustainable LDC

graduation.

They said permanent graduation from the LDC status would be a recognition of real

development of the country and the living standards of the people, although

Bangladesh will face many challenges.

The experts said this at the virtual webinar on ‘‘LDC graduation: Challenges and

Opportunities’’ organised by the Institute of Chartered Accountants of Bangladesh

(ICAB) today.

They noted that the country has developed significant trade-related capacity and

adaptability, even after withdrawal of GSP by the US.

The predictions of disaster in the RMG sector during the phasing out of Multifibre

Arrangement through Agreement on textiles and clothing, was not true as Bangladesh

successfully steered clear of the Global financial crisis having little or no

impact on its exports, said a press release.

Planning Minister MA Mannan MP graced the webinar as the chief guest while Sharifa

Khan, Member (Secretary), Industry and Energy Division, Planning Commission was

present as special guest.

ICAB President Mahmudul Hasan Khusru delivered the welcome address while ICAB

Member Council and Past President Md. Humayun Kabir presided over the webinar as

the session chairman.  Shubhashish Bose, CEO of ICAB and former senior secretary

presented the keynote paper.
 
Mostafa Abid Khan, Member, Bangladesh Tariff Commission (BTC), Ali Hussain Akber

Ali, Chairman, BSRM; Syed Nasim Manzur, Managing Director, Apex; and  Monzur Ahmed,

Adviser, FBCCI were panel speakers of the webinar.
 
Speaking on the occasion as the chief guest, Planning Minister MA Mannan said that

the LDC graduation would bring a mixed set of new realities and the country would

lose a wide variety of preferences and privileges in global trade.
 
“As the duty-free benefits under the World Trade Organization (WTO) regime will no

longer be effective, our exports will face new challenges,” he said adding that

tariffs on Bangladesh’s products in major international markets and its debt

servicing liabilities will increase due to cessation of concessional finance into

the country.
 
“We need to create a proper enabling business environment in the country,” he

suggested.

Mannan also said that the government has taken many initiatives including signing

of preferential trade agreements with more countries to increase the overall

competitiveness of trade and commerce.
 
ICAB President Mahmudul Hasan Khusru said, both the private and public sectors

should prepare to face the post LDC graduation challenges.
 
He said that the government is developing 100 special economic zones and more than

two dozen Hi-Tech parks to meet the demand of the investors.

“Bangladesh Investment Development Authority (BIDA) also comes forward to provide

one stop services to the investors,” Khusru said adding that the country should opt

for bilateral free trade deals to keep the export momentum.
 
To face the post-LDC challenges and to minimize the negative impacts on trade, the

keynote speaker Shubhashish Bose recommended some suggestions which include getting

GSP+ facility from the EU GSP, enhancing market access of Bangladeshi products and

services through FTA/RTAs with potential trading partners, diversifying the

products and markets; exploring the untapped potentials where structural

constraints, either at production level or in the area of management of compliance

are required.