The new government will initiate measures to delay Bangladesh’s graduation from the Least Developed Country (LDC) category, Commerce Minister Khandaker Abdul Muktadir announced on Wednesday.
Speaking to journalists at the Secretariat, the minister stated that all necessary steps would be taken to defer the graduation, with the Ministry of Commerce already coordinating with the Economic Relations Division (ERD) to expedite the process.
He noted that this decision aligns with long-standing demands from various business organisations.
Regarding the recent downward trend in exports, the minister highlighted that Bangladesh’s export structure remains narrow, with approximately 85 per cent of total exports currently dependent on a single product.
He emphasised the urgent need for product diversification, the inclusion of new goods, and the expansion into new markets, while promising support for the private sector.
Addressing concerns over the market during Ramadan, Muktadir assured that the supply of essential commodities is normal and the government maintains sufficient stocks, with more in the pipeline.
He urged the public not to panic, explaining that initial price hikes are often the result of a one-time surge in demand as consumers buy in bulk for the month. He described managing the Ramadan market as a “big test” and a “major challenge” for the new administration.
On the topic of investment, the minister asserted that a stable environment is the primary condition for both domestic and foreign capital.
He expressed concern over the investment stagnation of the past two to three years, noting that 2 million to 2.2 million people enter the labour market annually. Failure to revitalise investment could pose significant risks to employment and the broader economy.
The briefing was attended by State Minister for Commerce Md Shariful Alam and Commerce Secretary Mahbubur Rahman. Following the press interaction, the minister held a meeting with senior officials and department heads of the Ministry of Commerce.
