Bangladesh's upcoming graduation from a least developed country (LDC) to a middle income economy has rightfully caused excitement. However, it would do well for our leaders to remember that as we shed our LDC tag, we also let go of numerous advantages and incentives afforded to LDCs.
To that end, ensuring that the proposed Economic Partnership Agreement (EPA) between Japan and Bangladesh be accomplished before the LDC graduation of Bangladesh in 2026 is just one of the steps that should be taken to ensure that as we prepare for graduation, we are not caught by surprise at the changes that come with it.
Bangladesh has been on a steady trajectory when it comes to strengthening its bilateral relationships -- and this must continue to be the case. Driven by our foreign policy mantra of friendship to all and malice towards none is precisely what we need at this juncture.
In particular, the business community in the country has understandably expressed concerns with regard to graduation. It is also a shame that, as far as conducting business in Bangladesh is concerned, there remain too many bottlenecks and barriers for potential business owners -- and it is the nation as a whole which suffers as a result.
Bangladesh cannot afford to lose out on foreign direct investment (FDI) as a result of its less than ideal business climate; cumbersome approval procedures, delays in customs clearance, restrictions on customs duties, red tape in registering businesses are just a handful of the myriad issues that continue to exist -- and it is imperative that we find a solution to start addressing them.
Middle income status is just the first of many milestones we wish to achieve as a nation in the next two decades. Let us not let anything be a deterrent to our future ambitions.
