DHAKA, June 26, 2024 (BSS) - Speakers at a high-level dialogue today said that the LDC Graduation strategy of Bangladesh and the associated action plan should be very highly action oriented to ensure a smooth and sustainable graduation.

Principal Secretary to the Prime Minister and the Chair of the National Committee on LDC Graduation M. Tofazzel Hossain Miah chaired the high level dialogue at the Prime Minister's Office.

Secretaries of the concerned government ministries and divisions as well as high level representatives of various business chambers participated in the dialogue, said a press release.

It is notable that Bangladesh met all the criteria for graduation from the LDC status in the consecutive 2018 and 2021 triennial reviews of the Committee for Development Policy (CDP) of the United Nations.

Following a five years' preparatory period, Bangladesh will graduate from the LDC status in November 2026.

It is recommended by the United Nations that a graduating LDC should prepare a national Smooth Transition Strategy (STS) during the preparatory period in cooperation with its development and trading partners and with targeted assistance from the UN system.

Accordingly, Bangladesh has recently started the process of STS formulation in collaboration with UN DESA.

As part of this process, the high level dialogue was organized to share the draft STS as well as the associated action plan with the relevant stakeholders and to receive their feedback and recommendations.

Speaking on the occasion, M. Tofazzel Hossain Miah said that the Smooth Transition Strategy can provide some effective recommendations for turning the challenges of Bangladesh's upcoming LDC graduation into opportunities.

Participants of the dialogue observed that the draft STS has been quite comprehensive, qualitative and informative.

However, they also opined that the action plan that would be formulated as part of the STS should be specific and action oriented.

They also said that the draft STS should provide some specific recommendations on structural transformation, productivity enhancement, increasing domestic resource mobilization and tariff rationalization.

Secretary of the Economic Relations Division Md. Shahriar Kader Siddiky, Executive Chairman of Bangladesh Investment Development Authority Lokman Hossain Miah, Secretary of the Ministry of Commerce Md. Selim Uddin, Senior Secretary of the Ministry of Industries Zakia Sultana, former ERD Secretary and the current Alternate Executive Director of the World Bank Group Sharifa Khan, former Commerce Secretary Tapan Kanti Ghosh,

Member of the National Board of Revenue Md. Masud Sadiq, President of Metropolitan Chamber of Commerce and Industry Kamran T Rahman, President of Dhaka Chamber of Commerce and Industries Ashraf Ahmed and President of Bangladesh Association of Pharmaceutical Industries Abdul Muktadir, among others, spoke during the occasion.

The national consultant on Bangladesh's STS Dr. M. A. Razzaque delivered a presentation highlighting the various aspects of the STS that is being formulated.

 Meanwhile, the international consultant on Bangladesh's STS Cuong Minh Nguyen delivered a presentation on the STS Action Plan.