Three corporate leaders yesterday urged Chief Adviser (CA) Professor Muhammad Yunus to delay Bangladesh’s exit from the group of least developed nations (LDCs) by at least three years beginning in November 2026 in order to give more time for preparedness.
The majority of his cabinet colleagues attended a meeting on graduation readiness progress and the implementation of a ‘Smooth Transition Strategy’ (STS) in the CA’s office in Dhaka, where they made the demand.
Over the past few months, business organisations have urged that the LDC graduation be postponed, claiming that they are not yet prepared for a seamless transfer.
Mahmud Hasan Khan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) stated, ““We have again requested the government to defer the graduation, as we need more time to prepare.”
He further added that there are certain issues related to commerce and finance which need to be improved for a smooth graduation and for STS implementation which is the roadmap for LDC graduation.
In a phone interview with The Daily Star, he noted that two crucial aspects—the cost and simplicity of doing business—need to be significantly improved, which would require at least three years of planning.
“Even now, the ease of doing business cannot truly be achieved because of complexities in customs procedures,” he stated.
“Secondly, the bank interest rate remains high, which poses a major challenge for businesses in the country,” Mahmud Hasan Khan stated.
Taskeen Ahmed, President of the Dhaka Chamber of Commerce and Industry (DCCI), echoed Mahmud Hasan Khan’s opinions by stating that while the private sector is not scared of graduation, there are certain obstacles that call for at least three more years of training.
As per Taskeen, the progress in implementing the STS has been very slow and Bangladesh has not been able to sign any significant trade agreements with its key trading partners till now, except for a preferential trade agreement with Bhutan. He even averred that the industrial sector continues to suffer from energy crisis, banking sector weaknesses and challenges in logistics.
Abdul Muktadir, President of the Bangladesh Association of Pharmaceutical Industries (BAPI), emphasised at the conference the possible advantages for the pharmaceutical industry of postponing graduation for a minimum of three years.
Following the discussion, Professor Yunus wants to make sure that everything goes smoothly before Bangladesh graduates from the LDC category, according to Shafiqul Alam, the press secretary for the CA, at a news briefing held at the Foreign Service Academy in Dhaka.
The CA stressed that achieving graduation independent of others is the government’s top aim.
As Bangladesh gets ready to graduate, he urged all sectors to get ready for a sustainable and self-reliant transition.
“We must not rely on others,” Shafiqul remarked, quoting Yunus. “We must be independent and steer clear of all types of dependence. We must be aware that we no longer wish to rely on other people.”
“Whatever the deadline, we must become self-reliant. To be self-reliant, we must use our intelligence, work hard and keep striving,” he quoted Yunus as saying and further added that even if it is difficult, there is joy in this struggle. Whenever they talk about a new Bangladesh, it means a self-reliant Bangladesh.
Yunus asked UN Under-Secretary-General Rabab to evaluate Bangladesh’s graduation readiness by the end of last month. The assessment, which is anticipated to start in a month and end by mid-January 2026, has the backing of the UN. Shafiqul went on to say that “The meeting was informed that the new import policy for 2026–2028 will be announced soon.”
