Top business leaders in a meeting with BNP on Sunday voiced their concerns about the immediate impact of graduating from Least Developed Country (LDC) status and advocated for a three-year deferment.

“We have heard from the business community about the advantages and disadvantages. From this, it is quite clear that moving towards LDC graduation at this moment will not be helpful for Bangladesh’s present and future trade, business, and investment,” said BNP Standing Committee member Amir Khosru Mahmud Chowdhury after the meeting.

He said the statistics presented by the previous Awami League government in the context of LDC graduation have now come under question.

“Taking everything into account—Bangladesh’s future, economy, investment, business, and trade—if we truly want to keep moving forward towards the vision of a new Bangladesh, then at this moment LDC graduation needs to be put on hold,” the BNP leader said.

He mentioned that the business leaders discussed with them the necessity of deferring LDC graduation for now.

Khosru, who attended the meeting, said the business leaders also suggested that the government should formally write to the United Nations on this issue—clearly stating whether Bangladesh is genuinely ready for graduation at this stage.

He said the interim government needs to send a letter to the UN so that its representatives can come to Bangladesh and directly assess the ground reality of the country’s readiness.

Earlier, an 11-member business delegation, led by BGMEA President Mahmud Hasan Khan Babu, met BNP Secretary General Mirza Fakhrul Islam Alamgir at the party chairperson’s Gulshan office around 5pm.

After nearly the hour-long meeting, Amir Khosru and Mahmud Hasan Khan Babu talked to reporters about the outcome.

Other members of the business delegation included Tapan Chowdhury, AK Azad, Syed Nasim Manzur, Kamran Tanvirur Rahman, Ahsan Khan Chowdhury, Taskeen Ahmed, Mohammad Hatem, Fazlee Shamim Ehsan, and Dr Rashid Ahmed Hossaini.

Khosru said that almost all the leaders of Bangladesh’s business community, who drive the country’s economy, met Fakhrul and mainly discussed two issues—LDC graduation and the labour issue.

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He said these two matters are extremely important, and everyone needs to remain alert to protect and safeguard the future prospects of Bangladesh’s trade and investment.

Referring to the labour issue, Khosru said the business leaders have no objection to the ratification of the labour law. “But regarding matters related to the number of unions, it should be considered whether such changes would genuinely improve the fate of the workers or whether the unions would be able to function effectively.”

He warned that if decisions are taken hastily without considering these factors, then in the future, once a negative message spreads—both inside the country and abroad—it will be very difficult to manage the consequences.

BGMEA President Mahmud Hasan Khan said the meeting covered various business concerns. “Our biggest concern at this moment is the deferment of LDC graduation, and the other is the amendment of the labour law.”

He said have no problem to amending the labour law. “You may know that 124 points were discussed in the TCC… out of those 124 points, we agreed on 122. The two points on which we could not reach an agreement have practical reasons behind them.”

Explaining further, Khan said that under the current process, if just 20 workers applied, a trade union could be registered, whereas previously it required 20 percent of the workforce. “In industries with 3,000, 5,000, or even over 10,000 workers, allowing unions with only 20 members and permitting up to five registrations in a single industry will make it unsustainable.”

On LDC graduation, he said they do not want to postpone it, but seek a deferment. “We want a deferment… and we have specifically requested it for just three years.”

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Khan said the deferment is needed because Bangladesh is not yet fully prepared for the LDC graduation.

He also mentioned that some of the data used was falsified and that the country’s infrastructure is still not ready.