Bangladesh
Developing Country Bangladesh will gain more than it loses as a result of transition to developing countries
Dhaka, March 4: The transition from the list of Least Developed Countries (LDCs) to developing countries will yield many times more than what Bangladesh will lose. As a result, the energy will increase much more.
Finance Minister AHM Mustafa Kamal made the remarks in response to a question from virtual journalists after a meeting of the Cabinet Committee on Procurement and the Cabinet Committee on Economic Affairs on Wednesday (March 3).
He said, "So far we have been a least developed country, now we are moving to a developing country. We are proud as a nation. All the people of this country have contributed to this achievement. Everyone who graduated has benefited."
"We don't have foreign direct investment or FDI here. We used to be scared of investing here. If we need to open a big LC, we can't open it directly from our country's banks. We have to endorse it from another powerful foreign bank," he said. The LCs didn't believe in other countries. They would leave as a result of graduation."
After receiving the final recommendation from UNCDP to transition from LDC in 2024, after the completion of five years of preparation, formal transition will take place in developing countries of Bangladesh in 2026. Asked why the two-year extension was earlier fixed at 2024, the Finance Minister said, "The UNCDP has taken it to 2026 instead of 2024. It has been done on the government's proposal. Why did we take an additional two years? The country graduates."
"If all the opportunities of a country are taken away after graduation, then it can go back to its previous state. So we should be given extra time to continue the opportunities to go further. They also promised me that day that it is a very good offer. We haven't thought of it that way before. We must keep it in mind. That's how we extended the time."
AHM Mustafa Kamal said, "When a country graduates, many opportunities are reduced due to moving from one level to another, there is a possibility of danger. Therefore, more time is needed to take advantage of the opportunities that were there before. We asked for more time."
