Commerce and Industries Minister Khandaker Abdul Muqtadir on Wednesday said the government has formally begun efforts to defer Bangladesh’s graduation from the Least Developed Country (LDC) category by three years, citing global uncertainty and domestic economic pressures.
Speaking to reporters at the Secretariat on his first working day, the minister said the Commerce Ministry has already initiated the process and will coordinate closely with the Economic Relations Division (ERD).
“We want to extend the LDC graduation timeline by three years. Work on this has started from today,” Muqtadir said, adding that necessary steps would be taken swiftly in consultation with relevant agencies. State Minister Md Shariful Alam and Commerce Secretary Mahbubur Rahman were present at the briefing.
Export risks and diversification drive
Addressing concerns over the recent slowdown in exports, the minister acknowledged Bangladesh’s heavy dependence on a single product, which accounts for nearly 85 percent of total export earnings.
“Our export concentration is a known issue. The priority now is diversification — adding new products and expanding into new markets,” he said.
He said the government would extend policy and institutional support to private sector entrepreneurs willing to invest in emerging sectors and explore untapped markets.
Muqtadir also pointed to global trade volatility, noting that sudden tariff shifts by the United States have contributed to widespread uncertainty.
“Global trade flows are unsettled. As a developing country with limited fiscal space, our margin of error is very slim. We cannot afford to absorb repeated external shocks,” he said.
He stressed the need to quickly reverse the sluggish trend observed over the past three to four months and restore confidence in trade and business activities.
US trade deal under review, stability key for investment
Asked about criticism surrounding a trade agreement signed with the United States by the interim government, the minister refrained from detailed comment.
“At this moment, I will not comment on that issue. The government will clarify its position in due course,” he said.
On investment, Muqtadir said stability remains the primary condition for both foreign and domestic investors.
“No investment comes in an environment of uncertainty. Investors commit capital only when they see a stable and predictable framework that ensures returns,” he said.
Highlighting structural challenges, he noted that around 2 to 2.2 million people enter Bangladesh’s labour force every year, while investment has remained stagnant for the past two to three years.
“This stagnation in investment is a major burden. We must move out of it quickly,” the minister said, underscoring the urgency of restoring momentum to sustain growth and employment.