Govt mulls delaying LDC graduation Commerce Minister
Staff Reporter :
New Commerce Minister Khandaker Abdul Muktadir on Wednesday said the government is preparing to seek a deferral of Bangladesh’s graduation from Least Developed Country (LDC) status, as initial work on the issue has begun.
Speaking to reporters at his Secretariat office, he said relevant preparations started today and that swift coordination and necessary communication will be carried out with the Economic Relations Department (ERD).
He clarified that there is no requirement to submit a formal request letter in the first week, but groundwork and consultations are already underway.
Addressing the recent slowdown in exports, the minister said Bangladesh’s export base remains heavily concentrated, with around 85 percent of export earnings coming from a single product.
To reduce this vulnerability, the government plans to prioritise export diversification, expand access to new markets, and extends appropriate policy support to private entrepreneurs willing to invest in emerging sectors.
Muktadir also pointed to recent shifts in US tariff policy, which he said have contributed to volatility in the global market.
As a lower-income country, Bangladesh has limited room for policy errors and lacks the capacity to absorb prolonged external shocks, he noted.
In response, the government has begun efforts to overcome the economic sluggishness seen over the past few months.
On the Ramadan market, the commerce minister sought to reassure consumers, saying stable supply would ensure price stability.
He said the government has sufficient stocks of essential commodities for Ramadan and the following period, with additional supplies already secured through ongoing procurement and distribution channels.
“There is no reason for panic,” he said.
Regarding alleged syndicates in the commodity market, Muktadir said his focus would be on delivering results rather than making statements, signaling action-oriented measures against manipulation.
On investment, he stressed that uncertainty discourages capital inflows and that a stable environment is essential for attracting investors.
Investors, he said, need confidence that their capital and labour will yield reasonable returns.
Highlighting the country’s demographic reality, he noted that about 2 to 2.2 million people enter the labor market each year.
The minister warned that stagnant investment over the past two to three years has placed significant pressure on the economy, and failure to reverse the trend could threaten employment and overall economic stability.
Calling for cooperation, he said he would point out shortcomings where necessary and emphasized that Bangladesh must move forward through collective and coordinated efforts.