Danish Ambassador to Bangladesh Winnie Estrup Petersen yesterday said Denmark stands by Bangladesh in its quest to prepare itself for a smooth graduation taking into account the many challenges associated with the new status.

Ambassador Winnie said Bangladesh will lose benefits in terms of low interest financing and free access to the European Union (EU) market with the graduation (to a middle income country).

The diplomat said they believe that the labour market will play an important role in the continued development of Bangladesh, both in terms of growth and investments and also in terms of ensuring stability, democracy, and poverty reduction.'

The Danish Ambassador made the remarks while launching the phase two of Denmark's strategic sector cooperation in a city hotel.

The phase two of Denmark's strategic sector cooperation in Bangladesh was launched focusing on occupational health and safety in industries.

Denmark's development strategy in Bangladesh has a special focus on labour markets and health and safety in the workplace.

Denmark's focus in this area is supported by Danish Ministry of Employment and facilitated by the Embassy of Denmark in Bangladesh which is working with Bangladesh's Ministry of Labour and Employment and the Department of Inspection of Factories and Enterprises through a project called 'Improving the Health and Safety (OSH) of Workers in Bangladesh through the Strengthening of Labour Authorities'.