State Minister for Foreign Affairs Shahriar Alam said there are challenges on the one hand and opportunities on the other. He said mega projects like the Padma Bridge would be completed within the LDC transition period, which would help increase business competitiveness. So the loss that will result from the passage of LDC will be easy to cut.
He was speaking as the chief guest at a dialogue titled “Transitioning from LDCs: Dynamic Transition Strategies” on Thursday (March 4th). CPD Chairman Rehman Sobhan presided over the function.
Also speaking on the occasion were Rubana Haque, president of BGMEA, an association of ready-made garment owners, Matin Chowdhury, former president of Bangladesh Textile Mills Association (BTMA), and Tomo Poutianen, country director of the International Labor Organization (ILO). CPD Executive Director Fahmida Khatun conducted the program.
Economist Rehman Sobhan said Bangladesh will pass the list of Least Developed Countries (LDCs) in 2026 in terms of numbers. At the same time it will take a passage consistent with real life. For example, after leaving LDC, Bangladesh’s export products can be competitive in the international market. The challenges in the pharmaceutical sector need to be addressed. So from now on you have to take adequate preparation. He said an initiative was taken in 2006 to set up an API park in the pharmaceutical industry. But it is not over yet. However, if it is passed from LDC, the price of medicines may also increase in the local market.
Mostafizur Rahman, a special fellow at the Center for Policy Dialogue (CPD), a private research institute, said waking up in the morning in 2026 did not seem to have done much. Then you have to suffer. Bangladesh’s exports, pharmaceutical sector, including various sectors will face challenges. The price of insulin in the local market alone can increase eight times.
According to Rubana Haque, president of BGMEA, one of the country’s leading export-oriented garment owners’ organizations, strategies need to be developed now to maintain competitiveness.
Nasser Ejaz Vijay, Chief Executive Officer of Standard Chartered Bank, highlighted the kind of financing problems that can occur if LDC exits. He said the money from the climate fund would not match. In addition, the cost of getting another foreign loan will increase. He suggested encouraging Anna to invest in the capital market.
Transition to developing countries
Source: Bhorer Kagoj by www.bhorerkagoj.com.
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