Dhaka Must Diversify Export to Overcome Challenges in LDC Graduation: WB

Abdoulaye Seck, the country director for Bangladesh and Bhutan at the World Bank, stated that Bangladesh has to diversify its export goods, such as light engineering and pharmaceuticals, and look into new market prospects to meet the difficulties after leaving the Least Developed Country (LDC) category. 

He said that Bangladesh will no longer be eligible for duty-free market access as an LDC and that exports might drop by 14% after graduation. 

The World Bank country director also mentioned LDC graduation means more opportunities for changing the economy. "Shipbuilding, leather, jute and agricultural sectors have the potential to grow more in export markets," he also said while addressing as chief guest of the quarterly luncheon meeting of the Metropolitan Chamber of Commerce and Industry (MCCI) at its Gulshan office. 

Abdoulaye Seck also requested Bangladesh to start negotiations for trade agreements and join various trade blocs.

He asserted that after graduation, there would be no need for cheap labor, and that as the second-largest exporter of garments, Bangladesh should begin manufacturing high-end goods with intricate designs. 

The country director for the World Bank stated that Bangladesh should prioritize human resource development through technical and AI-based education since 2 million young people enter the employment market every year. 

Photo: Collected