Bangladesh’s post-LDC trade shift: Challenges exist, but opportunities dominate, says commerce advisor

Commerce Advisor Sheikh Bashir Uddin has said despite some challenges in trade following Bangladesh’s graduation from the Least Developed Countries (LDC) category, the opportunities and potential are much greater.

Speaking at a seminar at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) office in Dhaka’s Motijheel on Wednesday, he emphasised the need for unity in the business community to capitalise on these opportunities.

"We must accept this reality and establish consensus among ourselves.

“The opportunities ahead are much greater than the challenges. If we work together, we can seize these opportunities," he said.

In a media statement, the FBCCI said the commerce advisor had called on the business community to work collectively with a unified approach.

At the seminar titled "Diversification of Bangladesh’s Export Basket: Challenges and Opportunities in the Post-LDC Graduation Era," Sheikh Bashiruddin stressed the need for sector-based associations and business leaders to collaborate in tackling the post-LDC graduation challenges.

"We must remember that no country is our friend when it comes to trade; everyone is a competitor. Accepting this and fostering consensus among ourselves will help us capitalise on the available opportunities," he added.

FBCCI Administrator Hafizur Rahman highlighted product diversification as a key challenge for Bangladesh after LDC graduation.

"We need to identify which products and sectors should be prioritised and develop strategic action plans accordingly," he said.

Khondaker Golam Moazzem, research director at the Centre for Policy Dialogue (CPD), presented the keynote paper at the seminar.

He advised businesses to prepare for post-LDC policy frameworks to ensure smooth trade operations.