'Bangladesh should prepare now to overcome post-LDC challenges'
BGMEA President Faruque Hassan says at a lecture at National Defence College
Bangladesh should take good preparations to overcome the post-LDC challenges and utilise the potential benefits of the economic graduation, said Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
He made the comment while giving a lecture on the "RMG sector in Bangladesh economy – prospects and challenges after becoming middle-income country" as part of the National Defence Course – 2023 at the National Defence College in Dhaka.
The immediate impact of Bangladesh's graduation from the least-developed country category will be felt on different industries, particularly the export-oriented industries, because of the possible changes in the market access, Hassan said in his speech as a guest speaker.
Bangladesh being an LDC avails duty-free market access to major markets, including the EU, Canada, Japan, Australia and to a few Asian countries like China, India and South Korea, according to a statement from the BGMEA.
After the graduation, Bangladesh will no longer be eligible for LDC-specific special and differential treatment, the BGMEA president said.
Product diversification, technology upgradation, skill development and apparel diplomacy along with environmental sustainability are the key areas of the readymade garment industry of Bangladesh.