Business Desk :
Dhaka Chamber of Commerce and Industry (DCCI) has welcomed the endorsement of Bangladesh’s graduation from the Least Developed Country (LDC).
The trade body mentioned that this recognition was achieved with the frontier and dynamic leadership of Prime Minister Sheikh Hasina. Through tremendous progress in all aspects of socio-economic state of the country during the last decade, the present government has initiated paradigm shift in Bangladesh’s economy, said a press release.
The United Nations Committee for Development Policy (UN CDP) has recently recommended Bangladesh’s graduation from LDC.
The decision came after the second triennial review of the LDC category of UN CDP.
DCCI informed that Bangladesh has met, for the second time, all three eligibility criteria for graduation involving income per capita ($1,827 against the threshold $1,230), human assets index (75.3 points out of 66), and economic vulnerability index (27.3 point less than 32).
DCCI felt that it as an honour for Bangladesh as the country received this prestigious recognition in the glorious year of golden jubilee of its independence and birth centenary of Bangabandhu Sheikh Mujibur Rahman.
“Bangladesh, even in the tough time during the Covid-19, managed to sustain its economic growth and balance the live and livelihood to a large extent. The very timely initiative of the government to rescue the pandemic affected businesses through stimulus incentives was appreciated by all. The second review of UN CDP and their endorsement justify consistent economic development, firm resilience and commitment to the legacy of Bangabandhu’s Sonar Bangla aligning with various game-changing visions of the government, believed DCCI,” the body mentioned.
It is inevitable that every country graduating from LDC status had to face some challenges with no exception to Bangladesh.
As an LDC, Bangladesh will enjoy duty free quota free access in the EU and other market up to 2026 but later graduation, Bangladesh will face the challenges of industrial compliance and strong standard of IPR and TRIPS agreement.
Moreover, as a Middle income country, Bangladesh will compete with other similar countries in the export market as well experience erosion of preferences and privileges in the export market, loss of subsidy in various home grown infant industries.
