Tuesday, 24 May, 2022

Plan for massive diplomacy to face post-LDC challenges

  • Staff Correspondent
  • 24 January, 2022 12:00 AM
  • Print news
Plan for massive diplomacy to face post-LDC challenges

Bangladesh has planned to launch massive economic diplomacy to address the challenges of post-LDC period.

A high-level inter-ministerial body meeting on “Branding Bangladesh Abroad”held at the Ministry of Foreign Affairs premises in Dhaka on Sunday.

Foreign Minister Dr AK Abdul Momen and Adviser to Prime Ministeron Private Industry and Investment Salman F Rahman attended the meeting.

Foreign minister emphasised the need to identify Bangladesh’s strengths as a nation.

He asked for stronger coordination among stakeholders so the country’s strengths can be presented well abroad.

Momen highlighted the need for open, inclusive and fact-based events to project a correct and aspirational image of the country.

Senior officials from different departments of the government were also present. 

The meeting focused on preparation, planning, implementation and monitoring of possible challenges that Bangladesh may face after graduation from the least developed country (LDC) status, said a statement of the foreign ministry.

In the meeting, the participants discussed the roadmap for “Branding Bangladesh” in Gulf region, Africa, South Asia, Asia Pacific and Europe. 

In November, 2021, United Nations General Assembly adopted the resolution on graduation of Bangladesh from the LDC category.   Bangladesh has to put attention on generic nation branding and internal nation branding through strengthening the trade and investment wing of the foreign ministry. 

Foreign secretary Masud Bin Momen made a brief on economic diplomacy while Bangladesh Investment Development Authority (BIDA) executive chairman Sirazul Islam made vote of thanks on the occasion. 

In his speech, foreign affairs secretary outlined five components to drive the economic diplomacy focusing on boosting foreign direct investment (FDI). 

Other components of economic diplomacy are increasing exports and diversification, quality services, exporting human resources and skills and technology transfer, he said.

Masud Bin Momen said the branding is an essential sub component of economic diplomacy and this strategy has always been at the heart of the core activities of the foreign affairs ministry. 

“We want to connect the real-time market opportunities with a solid financial feedback loop,” he said.

The senior secretary added,” We want to connect the factors of production, land and labour. We wish to connect the agile minds and the nimble hands of the Bangladesh youth - men and women - to the global supply solutions.”

He said,“Bangladesh is pursuing a much-consolidated approach towards the economic domain of diplomacy in the recent times.” 

He said, “We would like to dive deep into the world of brands and the branding ecosystems so that the consumers get the value they paid for.”

Masud Bin Momen said the country is working for a sustainable and inclusive economy that is being augmented with improved access to information, investor bases and asset classes.

Bangladesh wants to connect the factors of production seamlessly to their optimal consumption and reduceits dependence on inefficient intermediaries, he added.

“We want to find our complementarities with global corporate in a way which is congenial to our governance, economic and environmental ambitions,” 

“The essential thrust of our economic diplomacy must be to improve the image of the country.” 

“Our diplomats in the headquarter and the missions abroad are working to accomplish this responsibility. We need to impart good negotiating skills to our diplomats,” the senior secretary added.

The recruitment of consultants to study particular topics and conduct research under the project titled “Support to Sustainable Graduation Project” of the Economic Relations Division (ERD) was also discussed at the meeting, the sourcesconfirmed.