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Saturday, June 22, 2024

LDCs Need To Apply For Extension Of Transition Period To 5 Or More Years

Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Sheikh Fazle Fahim said that Bangladesh along with other LDC countries that will graduate this year should apply for extension of transition period to 5 or more years.

Fahim advocated for the extension in context of the pandemic situation and natural external factors that are beyond Bangladesh’s hands.

Fahim also said Bangladesh is well ahead of the required levels of 2nd triennial indicators for the 2nd stage of the LDC graduation assessment.

The FBCCI President said this when UN resident coordinator for Bangladesh Mia Seppo met him at the FBCCI Icon in the city’s Motijheel area yesterday, said a press release.

The meeting highlighted Bangladesh’s current position in terms of socio-economic condition in respect to the challenges created by the COVID-19 pandemic.

The meeting also explored the opportunities, role and capacity of the private sector of Bangladesh after LDC graduation, the opportunities for innovation, achievement of SDGs, economic diversification and inclusive digital economy; as well as private sector contribution towards rebuilding the economy as green and sustainable.

Mia Seppo said that the UN is conducting dialogues with all
relevant parties to aid in technical and economic support for a smooth and sustainable graduation.

She said the UN is advocating for making sure that the measures are there to lessen the impact of graduation as much as possible.

The UN Resident Coordinator also acknowledged that Bangladesh is an active member of the UN, a big contributor to the UN peace keeping force and the host country to the biggest refugee population in the

The FBCCI President said taking into account the overall economic ecosystem of Bangladesh, from MSMEs to largest industries; FBCCI has urged the UN System for technical supports in sectors where needed, for growth continuation after LDC graduation, to achieve SDGs and to build Bangladesh into a developed country.

He said the main sectors of focus would be rural economy, industry and market diversification, standardization, facilitating women & young entrepreneurs, harmonization, innovation end enabling technologies in all sectors.

With an aim to create and promote contemporary and industry relevant skills and manpower, as well as enable technology in all aspects of economy, FBCCI has launched FBCCI Tech C.

One of the verticals of this initiative, startup ecosystem through partnership with MIT-solve and Accelerating Asia, will be launched at the end of this month.

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