In order to remain competitive and keep the economic growth steady after 2026, Bangladesh should focus on knowledge-based economy, mobilize both foreign and local resources and ensure congenial business environment, says a leading chamber on Wednesday. The economy of Bangladesh has fared quite well despite the impact of the Covid-19 pandemic, according to the editorial of the current News Bulletin (Jan-Mar’ 2022) of International Chamber of Commerce-Bangladesh (ICCB) released on Wednesday. It laid emphasis on ease of doing business, shift towards manufacturing high-value goods, seriously promote FDI and export-oriented industries, with the same incentive as has been provided to RMG and increase regional and global connectivity on a priority basis. "The country must make plans to turn the challenges into opportunities in the coming days; we believe, Bangladesh can do it, Inshah Allah," said the ICCB. Before the onset of the coronavirus, the economy was growing rapidly. In FY20 the growth became slower, however the economy recovered fast the following year and in FY 21 GDP growth was 6.9 percent, which is very high compared to comparable developing economies. Today, ICCB said, Bangladesh is one of the fastest growing economies in the world. "For all this, our farmers as well as industrial output have played a key role despite all odds." Bangladesh’s journey of 50 years since its independence in 1971 has been "tremendous" and to many it is a ‘land of impossible attainment’. The dominant narrative of Bangladesh has been of an economic miracle, ICCB says. Countries impressive score card is built on her success in terms of attaining a consistency, high pace of economic growth and an impressive performance with regard to various development indicators, including those relating to the Millennium Development Goals (MDGs). The success in economic growth has led to Bangladesh’s dual graduation-graduation from a Low-Income Country to a Lower Middle-Income Country and eligibility for graduation from the group of Least Developed Countries (LDC) to a Developing Country. UN General Assembly adopted the resolution on Graduation of Bangladesh to Middle Income Country in 2026. This is a landmark achievement in Bangladesh’s development journey. Graduation from the LDC group essentially means acquiring a seal of global approval for development achievements, which will brighten Bangladesh's image in the world court, according to the ICCB. READ: Bangladesh needs 34,000 MW of electricity by 2030 to sustain its growth: ICCB Graduating to the developing countries group is the fruit of Bangladesh's judicious macro-economic management and planned investment for infrastructural and human resource development, it said. However, the chamber says, investment for mega projects government must take adequate care for additional expenses and timely implementation; our experience, however, seems otherwise; including the most prestigious ‘Padma Bridge’! Various Research institutions and experienced economists citing post-graduation challenges, apprehend serious hurdles on its elevation, if Bangladesh fails to devise smooth transition strategies for confronting the challenges posed by this transition, it said. As graduation will affect certain preferential treatment and domestic infant industries, Bangladesh has to handle this prudently to make the transition sustainable. The most common economic challenges that every LDC graduate faces, is the loss of LDC-specific international support measures. "The decline of existing privileges and preferences- may adversely hit the exports of Bangladesh, since the country relies heavily on the RMG sector, which has been bringing in more than 80 percent of the country's export earnings for the last several decades," said ICCB. To avoid these consequences, it said, the country should diversify its export basket by promoting the export of new products such as pharmaceuticals, plastic products, leather goods, handicrafts, agro-products, fish and frozen foods etc. Besides, the chamber said, the government should analyse the markets in different regions, such as Latin America, the Middle East, South & Far East Asian Region and formulate strategies for penetrating those markets as part of diversifying export destinations. Bangladesh should also join different regional trade blocs and signing of FTA with potential individual countries will also help in reducing the probable negative impact of graduation on the balance of trade, according to ICCB.

Commonwealth Enterprise and Investment Council (CWEIC) will assist Bangladesh sustain its robust economic growth after LDC graduation. Samantha Cohen, CEO of Commonwealth Enterprise and Investment Council (CWEIC) said this at the meeting with Md. Jashim Uddin, president of FBCCI, held it on Sunday at a city hotel. Read: FBCCI calls for extension of loan moratorium till June The FBCCI president said that the businesses around the world are still not well-aware of Bangladesh’s rapid transformation that took place in the recent years and also about the tremendous opportunities that the “New Bangladesh” offers. FBCCI is keen to connect with the private sector of the Commonwealth countries to promote the government’s “Branding Bangladesh” initiative. Ms. Samantha mentioned that CWEIC will organize a high-level business delegation to Bangladesh later this year. She requested FBCCI to arrange B2B meetings and factory visits for the delegation to show them the compliance and competitive advantages of the growing sectors of the country. During the meeting, they discussed various aspects of mutually beneficial cooperation as well as how the Commonwealth platform can be utilized to retain Bangladesh's economic pace in the post LDC period. They talked on export diversification and exploring markets across Commonwealth states, collaboration to increase high-skilled workforce and innovation, investment in infrastructures with technology accessibility, streamlining trade facilitation and technical support to strengthen the potential sectors of the country etc. Read:FBCCI concerned over move to hike gas price CWEIC will also assist Bangladesh to enter the mainstream market of its major and highly potential trade partners including the UK, Canada and Australia as well as highlight Bangladesh's remarkable development accomplishments and innumerable potentials among its member states. FBCCI is the strategic partner of Commonwealth Enterprise and Investment Council (CWEIC) and Jashim Uddin, President of FBCCI is one of the members of CWEIC's Advisory Board. Mohammad Mahfuzul Hoque, secretary general of FBCCI was also present at the meeting.

Allaying the apprehension that Bangladesh will finally be a 'loser' as a developing country, Prime Minister Sheikh Hasina on Thursday said the country would be able to avail of much more alternative facilities under WTO rules. “Many people, perhaps, have a doubt that we’ll be deprived of many facilities as a developing country. But we'll be able to avail of much more facilities than what we would be deprived of. It would be a big deal (scope) for us,” she said. The Prime Minister made the remarks while inaugurating the newly-constructed Bangabandhu Bangladesh-China Friendship Exhibition Centre at Purbachal. She opened the eye-catching exhibition centre virtually from her official residence Ganobhaban here. The centre equipped with modern facilities is a permanent venue for different product-based fairs round the year. It was built by the Export Promotion Bureau (EPB) under a project jointly financed by Bangladesh and China. Hasina said Bangladesh is now a developing country. “We’ll be able to avail of the alternative facilities which are available for a developing country under the rules and guidelines of the WTO. So, I think there would be no big problem here.” “We’ll get much more scope to expand our exports and investment in the country,” she said. Read: Hasina unveils state-of-the-art exhibition centre in Purbachal Products diversification The Prime Minister urged the business community to produce quality products, diversify goods, expand the export basket and explore new export markets in order to sustain in the competition of the fast-changing global market. “We’ve to enhance our own capacity for competition to retain our export market. So, I would like to tell our business community to produce quality products considering the changing demand and the specific (export) markets,” she said, asking not to compromise with the quality of goods.    “It’s possible to diversify the country’s export products,” the Prime Minister said, adding that Bangladesh has a great scope to boost export earnings by developing different industries, including digital devices, jute and jute-processed goods and light engineering. “Now we’re producing ICT or digital devices. This sector now can attract investment. I think we’ve a big scope to make the digital devices as the major export product in the future,” she said. About environment-friendly jute and jute goods, she stressed the need for the development of new export products from jutes through researches as people are now much conscious about the environment.    Hasina also asked the manufacturers and exporters of readymade garments, knitwear and textiles, leather, ceramic products, frozen goods, raw and processed fish, light engineering, vegetables, fruits, pharmaceuticals goods, and the products of small cottage industries to explore new markets and assess the demand of products. She said her government will create scopes for Bangladeshi entrepreneurs to invest in foreign countries as well so that they can produce goods and create a market for their items there. “We’re taking preparations for that. We can attract investment and simultaneously we can make investment in other countries as we’ve graduated as a developing country now,” she said.

Speakers at a webinar on Sunday underscored the need for beginning work in a coordinated manner to stave off the potential negative impacts after LDC graduation by 2026.