BD needs better int’l partnership for smooth transition from LDC
City Desk :
Bangladesh needs to update its international partnerships to ensure a sustainable and smooth graduation from the LDC status, according to a report released on Tuesday.
To meet its aspirations of achieving high-income status by 2041, Bangladesh needs to future-proof the state and endow it with up to date operational and implementation capacities, said the report.
“The moment is opportune to transition from an emphasis on nation-building to state development.
And this should involve developing modern institutions by streamlining existing ones and injecting efficiency, accountability, and clarity of purpose,” according to the report, reports UNB.
The achievements attained by Bangladesh thus far, alongside the determination to sustain success through a focus on becoming an industrial and trade-oriented nation, exert and will drive further progress in establishing a contemporary, rule-based nation-state.
The report, titled “Production Transformation Policy Review of Bangladesh: Investing in the Future of A Trading Nation”, was unveiled jointly by State Minister for Foreign Affairs Md Shahriar Alam, State Minister for ICT Zunaid Ahmed Palak, European Union Ambassador to Bangladesh Charles Whiteley, Director of OECD Development Centre Ragnhelour Elin Arnadottir, Senior Secretary of the Commerce Ministry Tapan Kanti Ghosh, FBCCI President Mahbubul Alam, and Bangladesh Competition Commission Member Hafizur Rahman.
Prime Minister’s Adviser Salman F Rahman spoke as the chief guest at the opening session of the event.
Prime Minister Sheikh Hasina delivered special (video) remarks at the event. UN Resident Coordinator Gwyin Lewis and Deputy Secretary General of UNCTAD Pedro Manuel Moreno (by video message) also spoke at the opening session.
The study was coordinated by OECD Development Centre in collaboration with UNCTAD.
The study’s findings show that, half a century after independence, Bangladesh has achieved impressive progress.
The country has transformed from one of the poorest nations into a global textile manufacturing hub and country that is capable of meeting its medical needs almost entirely through domestic pharmaceutical production.
Bangladesh will graduate from the LDC category in 2026 and aspires to be a high-income nation by 2041.
Meeting these objectives and addressing lingering challenges – such as climate change or boosting resource mobilisation- requires accelerating economic transformation through diversification and innovation.
Moreover, the report said, Bangladesh should update the policy toolbox to foster a diversified, innovative, and green industry.
The government has an important reform agenda ahead; the private sector and international partners will be instrumental in enabling Bangladesh to continue to succeed.
Bangladesh has impressed the world with its achievements in a rather short span of time, according to the report.
