The government has taken structural transformation of the economy as a priority agenda for the coming days to maintain its position among the developing countries and become a higher middle-income country by 2031 defying all the hurdles of the post-LDC era.
"We, therefore, need to accelerate this structural transformation of the economy," the government said in an official budget document.
To this end, the government will provide necessary financial assistance for the implementation of some activities.
These are-- mechanisation of agriculture, development of the agro- processing sector, skill development and productivity enhancement, and expansion of training and education related to 4th Industrial Revolution.
The government will also provide necessary financial assistance for encouragement of online based outsourcing work, self- employment/creation of new entrepreneurs, and encouragement of basic and practical research at the university level.
It said that the country has been gradually moving from an agro-based economy to a manufacturing-based economy following the pursuit of effective government policies and strategies during the last 12 years.
Therefore, the document said, the contribution of agriculture to the GDP has been gradually declining and the desired structural transformation is taking place in the economy.
It mentioned that Bangladesh has already qualified for graduation from a least developed country to a developing country.
"To maintain its position among the developing countries and become a higher middle income country by 2031, we need a strong industrial and manufacturing sector, which will help sustain high economic growth."
According to the United Nations Committee for Development Policy (UNCDP) recommendation, Bangladesh's transition will be effective in 2026. It means until 2026, Bangladesh will be able to enjoy all the benefits applicable to LDCs.