BD to Proceed with LDC Graduation on Schedule: Adviser

Foreign Adviser Md Touhid Hossain

Foreign Affairs Adviser Md Touhid Hossain confirmed on Monday that Bangladesh will not request an extension for its graduation from the Least Developed Countries (LDC) status, citing the nation’s successful progress in meeting many of the required benchmarks.

“The transition deadline should not be delayed,” Hossain emphasized at a program titled 'Importance and Potential of Bangladesh Cotton Cultivation to Save Foreign Exchange,' held at the Economic Reporters Forum (ERF) auditorium in Dhaka.

The adviser expressed confidence that businesses would be well-prepared once the additional three-year transition period post-graduation takes effect. However, he noted that both the previous government and the private sector had not fully prepared for the upcoming shift.

In response to challenges that might arise from LDC graduation, Dr. Yunus, a key figure in the government, has urged stakeholders to stay ready.

Regarding agriculture, Hossain revealed plans to declare cotton an official agricultural product and boost its local production. He called on the National Board of Revenue (NBR) to urgently lift taxes on domestic cotton to support the industry’s growth.

Addressing concerns about land fertility, Hossain highlighted the detrimental impact of tobacco farming on soil health and suggested that transitioning tobacco lands to cotton cultivation could be beneficial for both farmers and the country's economy.

Hossain also reiterated that the government, under Dr. Yunus' leadership, is committed to making decisions in the national interest, even when they may not align with the interests of certain groups.

Furthermore, he assured that policy support would be provided to promote cotton cultivation as a sustainable agricultural practice.

In a broader economic context, the adviser pointed out that while the United States imposes tariffs on cotton exports, Bangladesh enjoys tariff exemptions. He suggested that Bangladesh could explore importing cotton from the U.S. to further strengthen its domestic cotton industry.