Business leaders have called for sector-specific strategies and targeted action plans to help Bangladesh tackle the challenges of graduating from the least developed country (LDC) category, warning that a one-size-fits-all approach would leave key industries exposed to new trade and intellectual property barriers.
They said specific strategies should be developed for small and medium enterprises, agriculture, pharmaceuticals and other industries, based on their individual needs and vulnerabilities.
However, merely adopting strategies would not be enough, they said, stressing the need for effective implementation and regular monitoring to ensure tangible results.
The recommendations came at a consultation meeting on private-sector participation and capacity building in reform initiatives for LDC graduation, organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at its Motijheel office on Monday.
FBCCI Administrator Md Fazlul Hoque chaired the meeting.
Business leaders also stressed the need to improve the capacity and skills of local entrepreneurs, promote research and innovation, expand the use of technology and ensure easier access to finance, logistics support and reliable energy supplies.
At the outset, FBCCI Secretary General Md Alamgir presented a report outlining the opportunities and challenges facing Bangladesh as it prepares for LDC graduation.
The report noted that Bangladesh is set to lose preferential trade facilities, including duty-free access under schemes such as the European Union’s Everything But Arms arrangement, in major export markets after graduation.
Industries, including pharmaceuticals, will also face stricter intellectual property rules, making greater private-sector participation in the government’s reform agenda essential, it said.
During the discussion, entrepreneurs said the graduation strategy must be based on realistic assessments of conditions on the ground.
They called for collecting reliable field-level data to identify the priority needs of individual sectors and design support measures accordingly.
Dhaka Chamber of Commerce and Industry Senior Vice-President Rajib H Chowdhury said Bangladesh needed to strengthen its capacity to negotiate effectively in the international arena.
He also called for making the National Single Window fully operational to facilitate trade and improve the business environment.
Bangladesh Plastic Goods Manufacturers and Exporters Association President Shamim Ahmed said intellectual property rights could become a major challenge for the plastic industry after LDC graduation.
A significant portion of the sector currently produces copied products, he said, adding that the industry could face challenges similar to those expected in the pharmaceutical sector once intellectual property rules become stricter.
He called for an urgent government-private sector action plan to protect and prepare the plastic, light engineering and cottage, micro and small enterprise sectors.
Patuakhali Women Chamber of Commerce and Industry President Ismat Zerin Khan said the LDC graduation strategy should not remain focused only on industries based in Dhaka.
She called for easier financing, skills development and logistics support for women entrepreneurs operating in marginal and remote areas.
Bangladesh Agrochemical Manufacturers Association President KSM Mostafizur Rahman said intellectual property rights would pose a major challenge for several industries after graduation, particularly pharmaceuticals, agriculture and agrochemicals.
He urged the government to speed up the registration of products manufactured in Bangladesh that could come under patent protection.
Md Munir Chowdhury, national trade expert of the Commerce Ministry’s Bangladesh Regional Connectivity Project-1, said the private sector itself needed to clearly identify the specific challenges facing different industries.
He suggested forming joint government-private sector councils to address those challenges and adopt result-based action plans.
FBCCI Administrator Fazlul Hoque called on district chambers and sectoral associations to submit written proposals outlining the specific challenges and needs of their respective sectors.
The proposals would be analysed and placed before policymakers, he said.
Bangladesh must make proper use of the additional three years it has received for its LDC graduation preparations, Fazlul Hoque said.
Strengthening the capacity of the private sector during this period would also improve Bangladesh’s competitiveness in international markets, he added, seeking cooperation from district chambers and sectoral business associations.