The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Sheikh Fazle Fahim on Saturday said there would be new facilities in trade and commerce to be gained from graduating out of the Least Development Countries (LDCs), besides improving the country’s status.

Fahim also said graduation is a big achievement for Bangladesh. “Foreign investment will increase in Bangladesh and there will be more employment generation thanks to the graduation. It will boost country’s economy as well.”

He came up with the assertion while addressing an online workshop titled “Effective Partnership with the Private Sector for Sustainable Graduation” organised by Support to Sustainable Graduation Project (SSGP) of Economic Relations Department.

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Fahim added that after LDCs graduation, Bangladesh may face some challenges on International Support Measures (ISM) which includes duty and quota free market access, preferential treatments, the TRIPS protocol,  etc.

“FBCCI has taken initiatives with the support of International Trade Centre and international strategic partners on strengthening of trade support institutions, export competiveness, product and market diversification, no-tariff barriers, standardization and certification, economic diversification, micro, small, medium-sized enterprises (MSME) support, investment and entrepreneurship, export strategy development, upgrading value chains,” he added.

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“The activities of our capacity building will be taken integrating indigenous inputs with global standard knowledge and all chambers and associations will be included in this platform,” he also added.   

Fahim said celebration of the birth centenary of Bangabandhu Sheikh Mujibur Rahman and Golden Jubilee of the country during LDCs graduation period has become more meaningful, prestigious and colorful.

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Principal Coordinator (SDG Affairs), Prime Minister’s Office and Chair of National Task Force on LDC Graduation Zuena Aziz presided over the function and Economic Relations Division Secretary Fatima Yasmin presented the key note papers while the Finance Minister A H M Mustafa Kamal MP was the chief guest in the workshop.