The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex body of businessmen, has called for continued UN support for capacity building of local industries to sustain the process of LDC graduation (transition from least developed countries to developing countries).
This cooperation is sought to increase productivity through diversification of export products, exploration of new markets, research and innovation in the private sector, increased efficiency and use of new technologies.
On Tuesday, the FBCCI administrator discussed with a delegation led by Tefare Tesfachiu, a member of the United Nations Committee for Development Policy (UNCDP). Hafizur Rahman called this.
Hafizur Rahman said, Bangladesh will not get special benefits in the export market after LDC graduation. Entrepreneurs will also be under pressure due to the increase in production costs. In such a situation, the competitiveness of the local industry must be increased to reach the next stage of development.
At that time Tefare Tesfachiu said that the global economy is going through a difficult time, which has an impact on the local level as well. He emphasized on the coordinated action of the public and private sectors to sustain the transition process of Bangladesh from a less developed country.
Bangladesh will come out of the list of least developed countries in 2026. Bangladesh is required to formulate a 'Smooth Transition Strategy' or STS during the transition period as per UN regulations.
