Experts for getting prepared to face post-LDC challenges

Bangladesh is expected to graduate its status from LDCs by 2024

Experts at a discussion yesterday stressed taking more preparations to face the upcoming challenges after upgrading from the Least Developed Countries (LDCs) as Bangladesh is expected to graduate its status from LDCs by 2024, reports BSS. “I think no one can fully prepare for this transition. But we’ve some strengths, including demographic dividend,” Prime Minister’s Economic Affairs Adviser Dr Mashiur Rahman told the Bangladesh Development Forum-2018 at Sonargaon Hotel in the capital.

Addressing a session of the forum, titled ‘LDC Transition: Turning Challenges into Opportunities’, he said Bangladesh will have to make the young generation skilled through proper training to face the growing challenges in the competitive world.

Economic Relations Division Secretary Kazi Shofiqul Azam presented a key-note paper on the occasion.

Commerce Secretary Shubhashish Bose, World Bank Lead Economist Dr Zahid Hussain, the United Nations Industrial Development Organisation (UNIDO) Regional Representative for South Asia Van Berkel Cornelius Wilhelmus Maria and Policy Research Institute (PRI) Executive Director Dr Ahsand H Mansur took part at the discussion as panelists.

Shofiqul Azam stressed improving the existing environment through business and trade-friendly policy framework to increase the private sector investment and attract more Foreign Direct Investments (FDIs) for facing the challenges of graduation from the LDCs.

He said Bangladesh should provide focus on structural opportunities, including domestic resources and agricultural productivity, as well as non-structural opportunities like remittances, ICT use and regional integration.

He underscored the need for building strategic partnership among private, public and development partners to facilitate the smooth graduation.

After the graduation, Shubhashish Bose said, Bangladesh will not receive preferential treatment from international agencies as many organisations like the World Trade Organization (WTO) now provide special and differential treatments to the country.

He hoped that the graduation will not hinder the country’s growth as Bangladesh has already taken various initiatives, including product and market diversification, in the Seventh Five-Year Plan.

"We're now able to compete with

international markets and to comply with the accords and other compliances,"

he said.

Zahid Hussain urged the authorities concerned to utilise the demographic dividend and build human capital through developing health and education sectors.

"Bangladesh is well into the third phase of demographic transition, shifted from a high mortality-high fertility regime to a low mortality- fertility one," he added.

He said Bangladesh is likely to face two risks - external financing conditions and trade preferences - in various forms.

Bangladesh should focus on policy reforms to overcome the challenges and ensure more female labour force participation in development activities, he said.

Ahsan H Mansur stressed overcoming the market access issue and negotiating for the Generalised System of Preferences (GSP).

"We need to concentrate on financial strength through creating access to market. In addition, we also need to focus on road and highways operation system efficiency for smooth export and import," he said.

Experts for getting prepared to face post-LDC challenges

Bangladesh is expected to graduate its status from LDCs by 2024

Experts at a discussion yesterday stressed taking more preparations to face the upcoming challenges after upgrading from the Least Developed Countries (LDCs) as Bangladesh is expected to graduate its status from LDCs by 2024, reports BSS. I think no one can fully prepare for this transition. But weve some strengths, including demographic dividend, Prime Ministers Economic Affairs Adviser Dr Mashiur Rahman told the Bangladesh Development Forum-2018 at Sonargaon Hotel in the capital. Addressing a session of the forum, titled LDC Transition: Turning Challenges into Opportunities, he said Bangladesh will have to make the young generation skilled through proper training to face the growing challenges in the competitive world. Economic Relations Division Secretary Kazi Shofiqul Azam presented a key-note paper on the occasion. Commerce Secretary Shubhashish Bose, World Bank Lead Economist Dr Zahid Hussain, the United Nations Industrial Development Organisation (UNIDO) Regional Representative for South Asia Van Berkel Cornelius Wilhelmus Maria and Policy Research Institute (PRI) Executive Director Dr Ahsand H Mansur took part at the discussion as panelists. Shofiqul Azam stressed improving the existing environment through business and trade-friendly policy framework to increase the private sector investment and attract more Foreign Direct Investments (FDIs) for facing the challenges of graduation from the LDCs. He said Bangladesh should provide focus on structural opportunities, including domestic resources and agricultural productivity, as well as non-structural opportunities like remittances, ICT use and regional integration. He underscored the need for building strategic partnership among private, public and development partners to facilitate the smooth graduation. After the graduation, Shubhashish Bose said, Bangladesh will not receive preferential treatment from international agencies as many organisations like the World Trade Organization (WTO) now provide special and differential treatments to the country. He hoped that the graduation will not hinder the countrys growth as Bangladesh has already taken various initiatives, including product and market diversification, in the Seventh Five-Year Plan. Were now able to compete with international markets and to comply with the accords and other compliances, he said. Zahid Hussain urged the authorities concerned to utilise the demographic dividend and build human capital through developing health and education sectors. Bangladesh is well into the third phase of demographic transition, shifted from a high mortality-high fertility regime to a low mortality- fertility one, he added. He said Bangladesh is likely to face two risks - external financing conditions and trade preferences - in various forms. Bangladesh should focus on policy reforms to overcome the challenges and ensure more female labour force participation in development activities, he said. Ahsan H Mansur stressed overcoming the market access issue and negotiating for the Generalised System of Preferences (GSP). We need to concentrate on financial strength through creating access to market. In addition, we also need to focus on road and highways operation system efficiency for smooth export and import, he said.