Desk Report:
The new government will take initiative to postpone the deadline for graduation from LDC, said the new Commerce Minister Khandaker Abdul Muktadi. He said that all necessary steps will be taken to defer LDC graduation. The government has already started working on this.
He said this while talking to reporters at the Secretariat on Wednesday (January 18).
Abdul Muktadi said that the government wants to defer LDC graduation. Everything that needs to be done for this purpose will be done. The matter has been initiated from the Commerce Ministry and the necessary communication and process will be taken forward quickly in coordination with the Economic Relations Division (ERD).
Referring to the long-standing demand of business organizations, he said that the government is giving utmost importance to the issue of postponing LDC graduation. Although there is no such obligation to send a letter in the first week, the government has started working on it from today.
Regarding the recent decline in exports, the Commerce Minister said that Bangladesh’s export structure is still very narrow. Currently, about 85 percent of the country’s total exports depend on a single product. To get out of this situation, it is necessary to diversify export products, add new products, and emphasize the expansion of new markets. At the same time, support will be provided to the private sector interested in investment.
Responding to a question about concerns about the Ramadan market, Commerce Minister Khandaker Abdul Muktadir said that if the supply of products is normal, the market will also be stable. The government has adequate stocks of daily necessities for the month of Ramadan and the period after it, and there are also sufficient products in the pipeline. Therefore, he commented that there is no reason to panic about the market.
Regarding the increase in the prices of some products at the beginning of Ramadan, he said that in many cases this is the result of a one-time increase in demand. People usually shop for the entire month at once, resulting in a sudden increase in consumption and its impact on the retail market. However, he also mentioned that this effect does not last for long.
Regarding foreign and domestic investment, the Commerce Minister said, no investment comes in uncertainty. The first and main condition for investment is a stable environment. Investors invest only when they are sure that they will get the expected return on their capital and labor.
He also said that the country has a large working population and about 2 to 2.2 million people are entering the labor market every year. The stagnation of investment for the last two to three years has created a big pressure for the country. He also commented that if this situation cannot be overcome quickly, there may be a big risk to employment and the economy.
Responding to a question whether the new government sees the beginning of the month of Ramadan as a big challenge immediately after taking office, the Commerce Minister said, handling the month of Ramadan is now a big test for the government. The government has to succeed in fulfilling the expectations of the people and there is no alternative.
State Minister for Commerce Md. Shariful Alam and Secretary of the Ministry of Commerce Mahbubur Rahman were present at the time.
Later, he exchanged views with senior officials and department heads of the Ministry of Commerce.
