Bangladesh should formulate its strategy for LDC graduation in line with the country’s upcoming 9th Five Year Plan, experts and policy makers said at a workshop in the capital recently. They also said that such a strategy should be aligned with the country’s long term development goals with a view to avoid the Middle Income Trap.
Their observations came during the ‘Technical Level Workshop on Smooth Transition Strategy (STS)’ jointly organized by the Economic Relations Division (ERD) and United Nations Department of Economic and Social Affairs (UN DESA) on 09 June 2024 Sunday at BICC in Dhaka.
Hon’ble Finance Minister Mr. Abul Hassan Mahmood Ali, MP graced the inaugural session of the workshop as chief guest. Hon’ble State Minister for Finance Ms. Waseqa Ayesha Khan, MP and the respected Secretary of the Ministry of Commerce Mr. Md Selim Uddin attended the event as special guests. UN Resident Coordinator in Bangladesh Ms. Gwyn Lewis was the guest of honour. Respected ERD Secretary Mr. Md. Shahriar Kader Siddiky chaired the event. Additional Secretary of ERD and the Project Director of SSGP Mr. A. H. M. Jahangir delivered the welcome remarks of the event.
It is notable that Bangladesh met all the criteria for graduation from the LDC status in the consecutive 2018 and 2021 triennial reviews of the Committee for Development Policy (CDP) of the United Nations. Following a five years’ preparatory period, Bangladesh will graduate from the LDC status in November 2026. It is recommended by the United Nations that a graduating LDC should prepare a national Smooth Transition Strategy (STS) during the preparatory period in cooperation with its development and trading partners and with targeted assistance from the UN system.
Accordingly, Bangladesh has recently started the process of STS formulation in collaboration with UN DESA. As part of this process, the technical workshop was organized to share the draft STS as well as the associated action plan with the relevant stakeholders and to receive their feedback and recommendations.
During the workshop, the national consultant for STS Dr. M. A. Razzaque delivered a presentation highlighting the context and various aspects of the STS that is being formulated. Meanwhile, the international consultant for STS Mr. Cuong Minh Nguyen delivered a presentation on the STS Action Plan. Representatives from various government ministries and divisions as well as representatives from the private sector, think tanks and civil society organizations participated in the workshop.