Government moves to defer LDC graduation: Commerce Minister

Commerce Minister Khandaker Abdul Muktadir has said the government has initiated steps to defer Bangladesh’s graduation from the Least Developed Country (LDC) category.

He made the announcement while addressing reporters at the Secretariat on Wednesday (February 18).

He said the Ministry of Commerce has already begun work on the matter and will proceed in coordination with the Economic Relations Division (ERD) to complete the required formalities.

"The issue is being treated with the highest priority in response to long-standing demands from business leaders," he added.

The minister said Bangladesh’s export base remains narrow, with around 85 percent of total exports reliant on a single product, underscoring the need for diversification. The government will focus on expanding the export basket, exploring new markets and stimulating private sector investment to strengthen competitiveness.

Referring to changes in US tariff policies and broader global trade uncertainties, he said Bangladesh must proceed cautiously, as the margin for policy missteps is limited. Measures will be taken to address the recent slowdown in export growth, he added.

On the domestic market ahead of Ramadan, Muktadir said essential commodities are in adequate supply and that prices are expected to remain stable if distribution systems function properly. Any initial price increases, he noted, are typically driven by short-term demand pressures and are unlikely to persist.

Highlighting the investment climate, the minister said restoring stability is critical to attracting capital. With an estimated 2 to 2.2 million people entering the workforce each year and investment growth remaining subdued in recent years, employment generation has come under strain. Prompt action is needed to mitigate potential economic risks, he warned.

Describing the upcoming Ramadan period as a significant test for the new administration, the minister called for cooperation from all stakeholders, including the media, to ensure effective governance and delivery on public expectations.