Moving out of LDC category to benefit Bangladesh

Says FBCCI president

Staff Correspondent

7 February, 2021 12:00 AM printer

Moving out of LDC category to benefit Bangladesh

Bangladesh will get new facilities in commerce besides increasing status of the country for LDCs (Least Development Countries) graduation meeting all the three criteria of graduation, said Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Sheikh Fazle Fahim.

"With LDCs graduation, foreign investment and employment opportunities will increase in Bangladesh which will boost country’s economy," he added while addressing at an online workshop titled “Effective Partnership with the Private Sector for Sustainable Graduation” organised by Support to Sustainable Graduation Project (SSGP) of Economic Relations Department on Saturday.

Finance Minister AHM Mustafa Kamal was the chief guest in the workshop while Commerce Minister Tipu Munshi and Finance Division Senior Secretary Abdur Rouf Talukder spoke as the special guest on the occasion.

The FBCCI President said that after LDCs graduation Bangladesh may face some challenges on International Support Measures (ISM) which includes duty and quota free market access, preferential treatments, TRIPS and others.

FBCCI has taken an initiative with the support of international trade centre and international strategic partners on strengthening of trade support institutions, export competiveness, product and market diversification, no-tariff barriers, standardisation and certification, economic diversification, investment and entrepreneurship, export strategy development, and so on, he added.

“Our capacity building activities will be taken integrating indigenous inputs with global standard knowledge and all chambers and associations will be included in this platform, said the FBCCI President.