Bangladesh stands on the threshold of graduating from the Least Developed Country (LDC) category, said Chief Adviser’s Special Envoy Lutfey Siddiqi.
He made the remark at the International Labour Organization’s Asia-Pacific conference in Bangkok on Tuesday, read a press release.
According to the Chief Adviser’s press wing, Siddiqi, presenting the keynote paper, said, “In terms of nominal GDP or geographic size, Bangladesh lags behind many others, but in population it is the eighth-largest country in the world.
“Our youth population is among the largest, yet this vast young community has not been sufficiently empowered economically.”
Recalling the July Movement of last year, he said, “The sacrifices of the youth have opened a new path. Now Bangladesh is on the verge of LDC graduation, though significant challenges lie ahead, as the economy remains heavily dependent on LDC benefits.”
Siddiqi noted that Bangladesh’s ready-made garment exports have grown thanks to duty-free access, while the pharmaceutical industry has met domestic demand due to patent exemptions.
The country has also benefited from easier access to international financing. “Losing these facilities will bring profound changes,” he added.
Outlining six priorities, he emphasised accepting graduation as inevitable, pursuing administrative and infrastructural reforms to attract new investment, diversifying exports, creating a favourable climate for foreign investment, securing free trade agreements such as FTA or EPA, and strengthening skills development and training.
He revealed that Bangladesh’s first major trade agreement with Japan is at its final stage, alongside preparations to send 100,000 skilled workers to specific sectors there.
Highlighting labour reform as the most crucial issue, Siddiqi said, “Protecting labour rights is now both a moral obligation and essential to maintain market access.”
Siddiqi reminded that Bangladesh must demonstrate visible progress in improving labour standards to qualify for the European Union’s GSP Plus scheme.
“The government has already formed a National Labour Reform Commission, as significant as the Constitution and Judiciary Reform Commissions. Political parties are part of this process, and the business community also supports labour reform because of its direct link to export facilities,” he said.
Expressing optimism, Siddiqi added that most of the commitments set out in the roadmap with the ILO will be fulfilled soon. Concluding his address, he stressed three guiding principles – rights, relationships, and resilience.
“We must advance with these three principles in all our endeavours,” he said.
