Right policies and timely action are needed to avoid getting stuck in the “middle-income trap” which rendered a number of lower-middle income countries incapable of a status upgrade, said Mahbubur Rahman, president of the ICCB, yesterday.

“The country is now at an important juncture…Bangladesh should now be prepared for the probable impact of graduation,” he said.

“It is high time for the country to formulate effective strategies to face the challenges of graduation, as it will gradually lose preferential trade opportunities,” he added.

Rahman was presenting an executive board report at the International Chamber of Commerce Bangladesh (ICCB) Annual Council in Dhaka.

“In order to achieve 8 percent plus growth, we believe that it is necessary for us to ensure political stability, financial sector reform, ensure access to reliable and affordable power, efficient infrastructure (including ports and improved highways), export diversification and enforcement of laws to reduce cost of doing business,” he added.

The council adopted an executive board report and audited financial statements of ICCB for 2017 and announced a new executive board for the April 2018-March 2020 period.

Latifur Rahman and Rokia Afzal Rahman, ICCB vice presidents, Abul Kasem Khan, president of the Dhaka Chamber of Commerce and Industry, and Francois de Maricourt, vice president of the Foreign Investors' Chamber of Commerce & Industry, were present.