The Bangladesh Chamber of Industries on Saturday urged the government to postpone the country鈥檚 graduation from the Least Developed Countries category for at least three years.
The chamber made this statement during a press briefing at its office in Dhaka, addressing Bangladesh鈥檚 economic situation, and the challenges faced by industries and businesses.
The chamber remarked that the former Awami League government had pursued LDC graduation using inflated economic figures to present it as an achievement.
鈥榃e are not ready for LDC graduation right now. If the LDC graduation period is not postponed, the country鈥檚 economy will suffer a major collapse,鈥� said BCI president Anwar-ul Alam Chowdhury (Parvez).
Bangladesh is currently scheduled to graduate from LDC status to a developing nation in November 2026.
However, business organisations have been demanding over the past few months that the government take necessary steps to delay this transition.
Highlighting the challenges, Anwar-ul Alam Chowdhury pointed out that the garment and textile sector, which accounts for 40 per cent of manufacturing employment and contributes roughly 85 per cent of exports, will face significant hurdles.
He noted that Vietnam would enjoy zero-tariff access to the European Union from 2027, while Bangladeshi garment exporters would be subject to a 12 per cent duty starting in 2029.
鈥榃e strongly believe that the graduation period should be deferred by at least three more years,鈥� he added.
The BCI president stressed that businesses need policy support from the government, stating that the interim government and the upcoming government should provide economic relief to stabilise the nation.
鈥楬owever, it seems the interim government is not giving priority to the economy. The government has increased interest rates, and there is a contractionary monetary policy at the same time,鈥� Anwar-ul Alam Chowdhury said.
He warned that the rising inflation, unresolved energy problems, and potential price increases could jeopardise the survival of existing industries.
鈥業f this situation persists, it will be difficult for existing industrial establishments to survive, let alone establish new industries,鈥� he said.
Anwar-ul Alam Chowdhury emphasised that economic stability is fundamental and expressed disappointment over the government鈥檚 apparent neglect of economic concerns.
鈥楿nfortunately, it seems economic concerns have been sidelined, with the government and political leaders preoccupied with other matters,鈥� he said.
He urged the interim government to move toward the electoral process as soon as possible, emphasising that economic stability cannot be achieved without a democratic government.
鈥楾he sooner the interim government can make the necessary reforms and pave the way for the remaining reforms, the better,鈥� Anwar-ul Alam further said.
