Exporters on Monday urged the government to seek a deferral of the country’s graduation from the least developed country status to a developing country status, saying that the decision on the graduation was made based on fabricated economic data.
The businesses made this demand at a views exchange meeting between leaders of export-oriented trade bodies, organised by the Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association at the Sonargaon Hotel in the capital Dhaka.
They also called for major reforms in the financial sector and demanded the resignation of National Board of Revenue chairman Abu Hena Md Rahmatul Muneem to end the harassment of business people.
Business leaders also urged strict action against bank loan defaulters and banking sector regulators who allowed irregularities in the industry.
Former Dhaka Chamber of Commerce and Industry president Shams Mahmud urged the government to take initiative for not graduating the country in 2026.
He said that Bangladesh’s economy was facing a severe crisis, and postponing LDC graduation for a few years could help the country’s export sector recover, benefiting from continued duty-free access to export destinations.
The UN General Assembly has scheduled Bangladesh to graduate from the LDC status and officially become a ‘Developing Country’ by the end of 2026.
Shams also demanded resignation of the NBR chairman and massive reforms in the revenue sector.
Abul Kashem Haider, former vice-president of the Federation of Bangladesh Chambers of Commerce and Industry, demanded reforms in trade bodies, saying that all the associations, including FBCCI and BGMEA, had become the platforms for a political party.
He also demanded reforms in the banking sector, claiming that a group of individuals destroyed the sector by enacting laws that favoured them and facilitated money laundering.
Kashem demanded that the government should establish a special tribunal to take action against loan defaulters and the people who were involved in corruptions.
HM Mainuddin, president of the Bangladesh Association of Precursor’s Solvent Manufacturers, demanded a transparent economic census in the country to create an effective development plan, terming the current statistics fabricated.
Bangladesh Garment Manufacturers and Exporters Association vice-president Abdullah Hil Rakib said that after the fall of the Awami League government amid a student-led mass uprising on August 5, a new group of miscreants were trying to take over the control of extortion and jhut business in the readymade garment sector.
He also demanded postponing the LDC graduation from 2026, saying that Bangladesh’s graduation plan was set based on false economic data.
Rakib also demanded soft loans for two months, saying that entrepreneurs were facing liquidity crisis due to the recent business disruption.
Former FBCCI president Abdul Awal Mintoo urged businesspeople, regardless of political affiliation, to unite in order to press for their demands.
‘A student-led mass uprising has brought down a government in this country, and we played no role in that, not even the BNP can claim credit,’ he remarked.
Mintoo said that an interim government took power following the student-led uprising and emphasised that the government should conduct elections soon after completing institutional reforms.
‘We want to see a government that truly represents the people of the country,’ he said.
Bangladesh Knitwear Manufacturers and Exporters Association executive president Mohammad Hatem said that following the student movement, voices were raised for necessary reforms.
He expressed hope that everyone would cooperate with the government to bring stability to the country.
‘I will support efforts to curb corruption. We do not have a party. We will stand by the government for the sake of the country’s economy,’ Hatem said.
BGAPMEA president Al Shahriar said that their primary focus was on customs- and bond-related problems.
He said that they would form a committee to present all their demands to the government.