Bangladesh must rapidly improve its business skills, create new types of products, and sign trade deals with other countries to survive in the tough global market once it loses its special trade benefits.
The Dhaka Chamber of Commerce and Industry (DCCI) shared this warning during a high-level meeting at the Ministry of Foreign Affairs. Business leaders asked the government to expand its diplomatic work abroad to help companies handle the challenges of leaving the UN’s Least Developed Country (LDC) category.
During the session with State Minister for Foreign Affairs Shama Obaid Islam, DCCI President Taskeen Ahmed explained that Bangladesh will eventually lose the automatic free-trade benefits it has enjoyed for decades. To keep businesses running smoothly, Ahmed said the government needs to sign trade agreements quickly with countries where there are good buyers. He pointed out that Africa, South America, and Southeast Asia are excellent places for Bangladeshi products and investments.
The DCCI head specifically mentioned that African countries offer great chances for partnerships in farming, technology, and agriculture. However, Ahmed noted that to make these opportunities happen, the government must make it easier for money to be sent and received between Bangladesh and African banks.
State Minister Shama Obaid Islam welcomed these ideas and confirmed that the government is already working to build stronger business ties with Africa. The state minister said there is a high demand in Africa for Bangladeshi goods like jute items, leather, medicine, ceramics, and fruits.
However, Islam also warned that businesses cannot rely on just one or two products, like clothes, anymore. The state minister urged factory owners to improve their skills and make new kinds of items. Islam added that the government and business owners must work as a team to turn these upcoming challenges into success.
Other important figures attended the meeting, including DCCI Senior Vice-President Rajib H Chowdhury, Vice-President Md Salim Solaiman, Acting Secretary General AKM Asaduzzaman Patwary, and Foreign Ministry Director General Syed Muntasir Mamun.
