B Mirror Report: Newly appointed Commerce, Industries, and Textiles & Jute Minister Khandaker Abdul Muktadir has said that the new government will take initiatives to postpone Bangladesh’s graduation from the Least Developed Country (LDC) status.
He stated that all necessary steps will be taken to defer the LDC graduation process and that the government has already begun working on the matter. He made these remarks to journalists on Wednesday (February 18) on his first day at the Ministry of Commerce at the Secretariat.
The minister said the government wants to defer LDC graduation and will do everything required to achieve this goal. According to him, the process has been initiated by the Ministry of Commerce and will be expedited through coordination with the Economic Relations Division (ERD) to ensure necessary communications and procedures move forward quickly.
Referring to the long-standing demand of business associations, he said the government is giving the highest priority to delaying LDC graduation. Although there is no obligation to send a letter within the first week, the government has started working on the issue from day one.
Speaking about the recent slowdown in exports, the Commerce Minister said Bangladesh’s export structure remains highly narrow, with nearly 85 percent of total exports dependent on a single product. To overcome this, the country must diversify its export basket, introduce new products, and expand into new markets. The government also aims to provide proper support to private sector entrepreneurs willing to invest and do business.
Highlighting the current global trade situation, he said sudden changes in U.S. tariff policies have created uncertainty worldwide. As a poor country, Bangladesh is surviving with very limited opportunities and has very little margin for error. The government will work to quickly overcome the recent sluggishness in the economy.
Regarding the market situation during Ramadan, the minister said that if supply remains normal, the market will remain stable. The government has sufficient stocks of essential commodities for Ramadan and beyond, with adequate supplies already in the pipeline. Therefore, there is no reason for panic.
When asked about syndicates often blamed for price hikes during Ramadan, he said he prefers to demonstrate results through action rather than words, adding, “I will not give sound bites, Inshallah, I will show results through work.”
He noted that price increases at the beginning of Ramadan are often due to one-time spikes in demand, as people typically shop for the entire month at once, temporarily increasing consumption and affecting retail markets. However, such effects do not usually last long.
On foreign and domestic investment, the minister said no investment comes amid uncertainty. The primary condition for investment is a stable environment, where investors are confident of receiving expected returns on their capital and labor.
He further said that Bangladesh has a large working-age population, with about 2 to 2.2 million people entering the labor market each year. Investment stagnation over the past two to three years has created significant pressure on the economy. Failure to quickly overcome this situation could pose serious risks to employment and economic stability.
Responding to a question about whether the start of Ramadan immediately after the new government took office presents a major challenge, the minister said managing Ramadan will be a key test for the government. The government must succeed in meeting people’s expectations, and there is no alternative.
He emphasized that this is not a personal matter but a national issue. He called on the media and all concerned to cooperate with the government, urging them to point out any mistakes, and said that only through collective efforts can the country move forward.
