B Mirror Report: In anticipation of Bangladesh’s impending removal from the Least Developed Countries (LDCs) list, the government has decided to increase trade-related training, policy assistance, and research initiatives.

In order to do this, the Ministry of Commerce recently wrote to the Ministry of Finance, requesting an extra Tk 50 crore to be added to the endowment fund of the Bangladesh Foreign Trade Institute (BFTI), an affiliated university.

According to ministry sources, after graduating from LDC status, Bangladesh will face new conditions and competition in international trade. Tariff preferences will decline, the scope for providing subsidies will narrow, and intellectual property regulations will become stricter. To address these challenges, timely research, skilled manpower, and policy preparedness will be essential. For this reason, the government aims to strengthen BFTI as a more robust trade research support institution.

Established in 2003, BFTI is a non-profit research and training organisation under the Ministry of Commerce. The institute provides policy advice and conducts research on national and international trade issues, and also offers training to public and private sector officials.

According to official data, as of November 30 last year, the institute’s total fund stood at Tk 50.10 crore. Of this, Tk 38.69 crore came from the government, Tk 1.40 crore from donations by seven private institutions, and Tk 10.01 crore from its own income. The fund is invested in fixed deposits, and the returns are used to cover part of its operating expenses. However, limited budgetary support has made it difficult to expand activities.

Although the institute has 41 approved positions, only 26 are currently filled. BFTI has cited financial constraints in recruiting for vacant posts, adjusting salaries and benefits of employees, providing pension and welfare facilities, and expanding research and training activities.

In its letter, the Ministry of Commerce noted that in the post-LDC reality, broader research will be required to comply with World Trade Organization rules, formulate import-export policies, expand export markets, diversify products, and improve quality standards. To this end, the institute plans to introduce regular training and academic courses.

To enhance BFTI’s institutional capacity and strengthen the government’s trade policy support, a proposal has been made to increase the endowment fund to Tk 100 crore. Accordingly, the Ministry of Commerce has requested the Ministry of Finance to consider allocating an additional Tk 50 crore for this purpose.