The newly elected BNP government will take necessary steps to defer Bangladesh’s graduation from the Least Developed Country (LDC) status, Commerce Minister Khandaker Abdul Muktadir said on Wednesday.
“We will take all required measures to defer the LDC graduation. Work on the matter has already begun,” Muktadir told reporters at the Secretariat on his first day in office.
Muktadir said the government is keen to defer the graduation timeline and will do whatever is necessary to that end.
The initiative has started from the Ministry of Commerce and will be pursued in coordination with the Economic Relations Division (ERD) to expedite required communications and procedures.
Referring to long-standing demands from business leaders, he said the issue is being treated with utmost priority. “There is no obligation to send a letter within the first week, but we have started working on it from today.”
On the recent slowdown in exports, the Commerce Minister said Bangladesh’s export basket remains highly concentrated, with nearly 85 percent of total exports dependent on a single product.
To overcome the vulnerability, Muktadir stressed the need for diversification by adding new products and expanding into new markets. The private sector, particularly investment-oriented entrepreneurs, will receive necessary support, he said.
Responding to concerns over the Ramadan market, Muktadir said stable supply would ensure market stability. “The government has adequate stocks of essential commodities for Ramadan and the subsequent period, with sufficient supplies also in the pipeline. There is no reason to panic over the Ramadan market.”
Explaining the price hikes of certain items at the beginning of Ramadan, he said the increases are often driven by a one-off surge in demand as consumers tend to purchase for the entire month at once, temporarily impacting the retail market. “Such impact does not last long.”
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Asked whether the onset of Ramadan immediately after the new government assumed office poses a major challenge, Muktadir said managing the holy month will be a crucial test for the government. “We must meet people’s expectations. There is no alternative to success.”
On foreign and domestic investment, the minister noted that investment does not flow amid uncertainty. A stable environment is the primary condition for attracting investment, as investors seek assurance of expected returns against their capital and labour.
Muktadir said Bangladesh has a large working-age population, with around 2 to 2.2 million people entering the labour market every year. Investment stagnation over the past two to three years has created significant pressure and failure to address the situation promptly could pose serious risks to employment and the broader economy.
State Minister for Commerce Md Shariful Alam and Commerce Secretary Mahbubur Rahman were present.
Later, the Commerce Minister exchanged views with senior officials and heads of departments under the ministry.