‘BD needs to diversify exports to face LDC graduation challenges’

Business Desk :
Bangladesh needs to diversify its export products, including light engineering and pharmaceuticals and explore new market opportunities to face the challenges after graduation from the Least developed country (LDC) status, World Bank Country Director for Bangladesh and Bhutan Abdoulaye Seck said.

He also noted Bangladesh’s exports may fall by 14% after graduation, and the country will lose duty-free market access as it does as an LDC.

The World Bank country director also mentioned LDC graduation means more opportunities for changing the economy.

“Shipbuilding, leather, jute and agricultural sectors have the potential to grow more in export markets,” he also said while addressing as chief guest of the quarterly luncheon meeting of the Metropolitan Chamber of Commerce and Industry (MCCI) at its Gulshan office.

Abdoulaye Seck also requested Bangladesh to start negotiations for trade agreements and join various trade blocs.

He said cheap labour would not exist after graduation, and being the second largest apparel exporter country, it is time for Bangladesh to start producing high-value and complex design products.

The World Bank country director said around 2 million youth are entering the job market each year, and Bangladesh should focus on human resource development through technical and AI-based education.