Finance Minister AHM Mustafa Kamal said the transition from a least developed country would be a matter of pride for Bangladesh. This will be the successful implementation of the ‘Golden Bengal’, the dream of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman. At the same time, it is recognition of the unprecedented development that Bangladesh has achieved in the past years under the leadership of Prime Minister Sheikh Hasina.
He was speaking as the chief guest at an online workshop titled ‘Effective Partnership with the Private Sector for Sustainable Graduation’ on Saturday (February 6).
The workshop was organized by the Economic Relations Department (ERD) of the Government of Bangladesh.
Commerce Minister Tipu Munshi and Senior Secretary to the Finance Division Abdur Rauf Talukder were present as special guests at the workshop.
FBCCI President Sheikh Fazle Fahim was present as the guest of honor at the workshop. The workshop was chaired by Ms. Juena Aziz, Chief Coordinator (SDG Affairs) of the Prime Minister's Office and President of the National Task Force on Transition from Least Developed Countries.
The Finance Minister further said that whenever there has been an economic crisis in the world in recent years, Bangladesh has been able to deal with all the crises very firmly. Similarly, Bangladesh will move forward by adapting to the changed situation after the transition from a least developed country. At the same time, in order to adapt to the least developed countries, more emphasis needs to be placed on increasing the research and development capacity of the country's private sector. We have already entered the era of the Fourth Industrial Revolution. Using artificial intelligence, ICT, block chain, etc., we have to exploit the potential of the Fourth Industrial Revolution, otherwise we will lag behind the competition compared to other countries. In this regard, necessary steps need to be taken on how to help the private sector from the Support to Sustainable Graduation project to improve the skills of the private sector.
Speaking at the workshop, Commerce Minister Tipu Munshi said Bangladesh needs to be ready now as various international assistances will be reduced in the aftermath of the transition. In order to prepare for the post-transition period, Bangladesh needs to start negotiations with various countries to sign free trade agreements from now on.
In her presentation, ERD Secretary Ms. Fatima Yasmin mentioned the opportunities and possibilities that will be created for Bangladesh in the aftermath of the transition. At the same time, she outlined in her presentation what preparations the government is making for the transition from a least developed country through close cooperation and dialogue with the private sector.
Sheikh Fazle Fahim, President of the FBCCI, looks forward to the active participation of the private sector in formulating the transitional strategy to be formulated for the transition from a least developed country in the near future.
It is to be noted that Bangladesh was able to meet the criteria for transitioning from a least developed country for the first time in the last triennial review meeting of the CDP held in March 2016. According to UN rules, if a country is able to meet the criteria for passing in two consecutive triennial reviews, it is recommended to cross from the least developed country.
Bangladesh is expected to be able to meet the re-crossing criteria at the upcoming triennial review meeting, according to the latest data from Bangladesh's current status quo DP. In that case, after three to five years of preparatory period, Bangladesh will officially come out of the list of least developed countries. However, in the post-transition period, Bangladesh may face some different dynamics in international trade, subject to the gradual withdrawal of various international assistance applicable to LDCs, especially in the global market, duty-free and quota-free facilities and TRIPS-related facilities. In this context, the workshop was organized to discuss and review the implications of transitioning from LDCs with private sector representatives.
The workshop reviews in detail the potential impact of the passage and its dimensions and nature. At the same time, the workshop also highlighted the steps to be taken to overcome the potential impact of the transition. The workshop also discussed the transition strategy that Bangladesh needs to develop in the upcoming preparatory period.