Accelerate export diversification ahead of LDC graduation

Bangladesh must accelerate export diversification, enhance competitiveness, and adopt forward-looking trade policies to address challenges following its upcoming graduation from the group of least developed countries (LDCs) to a developing nation, Commerce Adviser Sk Bashir Uddin said today.

"To navigate this transition successfully, we must hasten diversification, improve competitiveness, and adopt forward-looking trade policies," Bashir Uddin said while inaugurating the three-day Global Sourcing Expo 2025 Dhaka at the Bangladesh-China Friendship Exhibition Center in Purbachal, Dhaka.

The adviser emphasised that Bangladesh needs to diversify its export basket, strengthen supply-side capacity, and forge new partnerships with international buyers to remain competitive in a challenging global market.

He noted that while LDC graduation is a major milestone, it will gradually reduce the preferential market access and duty benefits the country currently enjoys.

Policymakers and industry leaders also stressed the urgency of export diversification and deeper engagement with global buyers to sustain trade growth amid shifting global dynamics.

At a seminar on the sidelines of the expo, Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association, said improved port operations by foreign companies could enhance efficiency in port management.

He also urged the suspension of the amended labour law until a newly elected government takes office, citing that the current amendment is neither industry-friendly nor worker-friendly.

In another seminar, Inamul Haq Khan, senior vice-president of the Bangladesh Garment Manufacturers and Exporters Association, highlighted the need for easier access to green financing, brand support through knowledge sharing and technology transfer, targeted interventions from development partners for SMEs, and greater regional inclusion so that areas like North Bengal, Sylhet, and Chattogram can benefit alongside Dhaka-centric clusters.

Khan also called on the government to amplify the industry's success stories through Bangladesh's embassies and high commissions abroad, highlighting the country's achievements on the global stage.

Organised for the first time by the government, the expo aims to highlight Bangladesh's expanding export capabilities and attract new global buyers. Jointly arranged by the Export Promotion Bureau (EPB) and the Ministry of Commerce, the exhibition will continue until December 3.

The fair features products from eight key export sectors: readymade garments, leather and leather goods, jute and jute products, agricultural goods, plastics and kitchenware, home décor and furniture, pharmaceuticals, and ICT.

More than 100 firms, including multinational companies, wholesalers, and supply-chain representatives, are participating, according to a statement from the commerce ministry. Buyers and sourcing organisations from Afghanistan, China, Iran, Japan, Myanmar, Pakistan, Singapore, Sri Lanka, Thailand, the UAE, the US, and several other countries are attending business-to-business (B2B) meetings and negotiating potential contracts.

The three-day event also includes 10 thematic seminars, online and offline business-to-business (B2B) sessions, over 150 stalls, fashion shows, networking opportunities, and product demonstrations.

Lutfey Siddiqi, special envoy for international affairs to the Chief Adviser; Mohammad Hasan Arif, vice-chairman of EPB; Mahbubur Rahman, secretary to the commerce ministry; and Md Abdur Rahim Khan, administrator and additional secretary (export) of the Federation of Bangladesh Chambers of Commerce and Industry, also spoke at the event.