Member of the United Nations Committee for Development Policy (UNCDP). In bilateral discussions with Tefare Tesfachiu, FBCCI laid special emphasis on capacity building of the local industry to sustain the LDC graduation process. For this, FBCCI has laid emphasis on increasing productivity through diversification of export products, exploration of new markets, research and innovation in the private sector, increasing efficiency and using new technologies. In this regard, the organization called for continued cooperation with the United Nations.
On Tuesday (November 26, 2024) afternoon, the member of the United Nations Committee for Development Policy (UNCDP) Mr. FBCCI made this request in discussions with business leaders including Economic Relations Department (ERD) Additional Secretary AHM Jahangir and SSGP Project Component Manager Mustafa Abid Khan led by Tefare Tesfachiu.
FBCCI administrator Md. Hafizur Rahman said in his welcome speech at the meeting that Bangladesh has passed all three indicators of UN per capita income, human resources, climate and economic fragility related to LDC graduation. As a result of this achievement, a positive perception of Bangladesh has been created in the world. This will encourage foreign direct investment (FDI) as well as strengthen the confidence of the private sector.
Bangladesh will come out of the list of least developed countries in 2026 after the five-year preparatory period. According to UN regulations, Bangladesh is required to formulate a ‘Smooth Transition Strategy’ or STS during the transition period. In this case, the administrator of FBCCI expressed hope that the rational opinion of the private sector will be reflected.
Md. Hafizur Rahman said, Bangladesh will not get special benefits in the export market after LDC graduation. Entrepreneurs will also be under pressure due to the increase in production costs. In such a situation, the competitiveness of the local industry must be enhanced to reach the next stage of development.
At that time, member of the United Nations Committee for Development Policy Tefere Tesfachiu said, Bangladesh can be an exemplary model for other less developed countries in the world. However, the global economy is going through a tough time, which has had an impact at the local level as well. He emphasized on the concerted action of the government and the private sector to sustain the transition process of Bangladesh from a less developed country.
The meeting was also attended by Director of Bangladesh Economic Zones Authority (BEZA) Mohammad Imtiaz Hasan, Deputy Director of Bangladesh Investment Development Authority (BIDA) Sujan Das Gupta, Vice President of SAARC Chamber Shafqat Haider, Former Vice President of FBCCI Abul Kashem Haider, Former Director of FBCCI Ghiyas Uddin Chowdhury (Khokon), Executive Director of Bangladesh Pharmaceutical Industry Association Md Saiful Islam, Vice President of BASIS M Asif Rahman and other business leaders.
