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Trade body representatives and business leaders addressing the FBCCI consultative meeting on LDC graduation strategies in Dhaka.
Industrial leaders and trade representatives have urged the government to formulate and execute targeted, sector-specific strategies for small and medium enterprises (SMEs), agriculture, pharmaceuticals, and allied manufacturing industries to ensure a smooth and sustainable graduation from the Least Developed Country (LDC) category. Emphasizing that formulating policies alone is inadequate, entrepreneurs underscored the necessity of robust execution and institutional monitoring mechanisms.
The recommendations were presented during a consultative exchange titled "Formulating Strategies to Enhance Private Sector Participation and Capacity in Reform Activities for LDC Graduation," hosted by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at its Federation Bhaban headquarters in Motijheel on Monday. Participants prioritized structural reforms focused on technological integration, local entrepreneurial capacity building, workforce upskilling, research and development, accessible financing, logistics optimization, and uninterrupted industrial energy supply.
Presiding over the session, FBCCI Administrator Md. Fazlul Hoque noted that the private sector must capitalize on the three-year transition extension granted for LDC graduation to bolster global market competitiveness. An introductory keynote presented by FBCCI Secretary General Md. Alamgir outlined major post-graduation hurdles, including the impending loss of duty-free market access—such as the Generalised Scheme of Preferences (GSP) and Everything But Arms (EBA) regimes in key European markets—alongside stricter compliance requirements under global Trade-Related Aspects of Intellectual Property Rights (TRIPS) affecting pharmaceutical and allied sectors.
During open deliberations, Dhaka Chamber of Commerce and Industry (DCCI) Senior Vice President Razeev H. Chowdhury stressed the urgency of strengthening international trade negotiation capabilities and operationalizing the National Single Window system. Shamim Ahmed, President of the Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA), warned that intellectual property protections will pose major compliance hurdles for domestic plastic and light engineering manufacturers, calling for proactive public-private action plans. Echoing similar concerns, KSM Mostafizur Rahman, President of the Bangladesh Agro Chemical Manufacturers Association (BAMA), highlighted potential shocks to the agrochemical, seed, and pharmaceutical segments, urging prompt patent registrations for domestic formulations.
The meeting brought together key trade leaders, including former FBCCI administrator Md. Hafizur Rahman, International Trade Expert Nesar Ahmed, BGMEA Director Sheikh Hossain Mohammad Mustafiz, BKMEA Vice President Mohammad Rashed, BJMA Chairman Abul Hossain, BTMA Director Sajid Ishraque, BWCCI President Sangita Ahmed, and Bangladesh Diversified Jute Goods Manufacturers and Exporters Association President Md. Rashedul Karim Munna.
https://thedailyexpress.news/news/business/1f1a5603-15da-6460-b149-5c084209403a