As Bangladesh moves closer to graduating from the Least Developed Country (LDC) category, Economic Advisor Dr. Salehuddin Ahmed has urged the country’s business community to proactively prepare for the upcoming transition.

Speaking at the 23rd Bangladesh Business Awards held at Radisson Blu Dhaka Water Garden, Dr. Ahmed emphasized that while a final date for LDC graduation has not been confirmed, the private sector must begin preparing to meet increased global competition.

“I won’t go into detail, but I urge our businesses to prepare in their own ways to face the challenges ahead,” he said, adding that competitiveness, policy reforms, and streamlined processes will be key to navigating the post-LDC landscape.

The event, organized by DHL and The Daily Star, recognized outstanding contributions to Bangladesh’s economy.

Dr. Ahmed also noted that the future of economic growth lies in the private sector, not state-owned enterprises. “Entrepreneurs are doing excellent work. They will continue to drive the economy forward,” he said. He acknowledged a slowdown in employment generation and business growth over the past year, citing both local and global factors.

Highlighting positive feedback from international partners, he shared that Bangladesh had recently cleared dues worth USD 4 million to companies like Chevron and MetLife, boosting the country’s global reputation.

In his remarks, Mahfuz Anam, Editor of The Daily Star, urged the need to distinguish between honest and dishonest business leaders, criticizing those who used political ties to exploit the banking sector. He called on both the government and the private sector to set clear, ethical standards.

Anam also proposed that the business community develop a Private Sector Charter to guide national development and recommended that the interim government use its remaining term to take realistic steps that could have long-term impact.

Five awards were presented at the event:

• Lifetime Achievement: Anis Ud Dowla, Chairman, ACI Group
• Businessperson of the Year: Ahsan Khan Chowdhury, Chairman & CEO, PRAN-RFL Group
• Outstanding Woman Entrepreneur: Sadia Haque, Co-founder & CEO, ShareTrip
• Best Financial Institution: City Bank
• Company of the Year: Walton Group

Awards were presented by Dr. Salehuddin Ahmed, with Trade Advisor Sheikh Bashiruddin present as special guest.

The ceremony was attended by prominent business leaders, policymakers, economists, and diplomats, including Fahmida Khatun (CPD), Shaheen Anam (Manusher Jonno Foundation), Sarah Cook (British High Commissioner), and senior executives from Ha-Meem Group, Square Pharmaceuticals, Incepta, Transcom, Standard Chartered, and Mastercard Bangladesh.