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The new government has begun formal steps to defer Bangladesh’s graduation from Least Developed Country (LDC) status, Commerce Minister Khandaker Abdul Muktadir said on Wednesday.

Speaking at the secretariat, Muktadir said the commerce ministry had already started working on the issue and would soon issue a letter. The Economic Relations Division (ERD) will coordinate externally and handle necessary communications.

“The commerce ministry has started working on the matter today. It will issue a letter within a short time,” he said.

Business associations have long urged the government to seek at least a three-year deferment of LDC graduation to allow industries more time to prepare for the loss of trade preferences. The minister said the matter was being treated with the highest priority.

“It is not mandatory that a formal letter must be sent in the very first week, but we have started working on the issue,” he added.

Exports Under Strain

Addressing the recent export slowdown, Muktadir said Bangladesh’s export basket remains heavily concentrated, with around 85 per cent of earnings coming from a single product category.

To reduce vulnerability, the government will prioritise diversification by adding new products, exploring new markets and extending support to private entrepreneurs willing to invest.

He also pointed to volatility in global trade, particularly sudden shifts in US tariff policies, as a source of instability.

“As a poor country, Bangladesh has very limited room for error. It lacks the capacity to absorb policy mistakes or prolonged external shocks. Therefore, the government has begun working to quickly overcome the sluggish situation observed over the past few months,” he said.

Ramadan Market Watch

On market conditions during Ramadan, the minister said stability would depend on uninterrupted supply. He assured that the government has adequate stocks of essential commodities for Ramadan and beyond, with additional supplies already in the pipeline.

There is no reason for panic in the market, he said.

On allegations of syndicate-driven price manipulation, Muktadir said he preferred action over rhetoric.

Explaining early Ramadan price spikes for some goods, he attributed them mainly to a one-off surge in demand as consumers purchase in bulk for the month, temporarily pushing up retail prices.

Investment and Jobs

The minister stressed that investment cannot flow in an uncertain environment, noting that stability is the primary condition for both local and foreign investors.

“Many countries do not have what we have for attracting investments as Bangladesh has a large working-age population. In addition, 2.0–2.2 million people enter the labour market every year,” he said.

He acknowledged that investment has remained stagnant over the past two to three years, putting pressure on the economy. Failure to reverse the trend could threaten employment generation and broader economic stability, he warned.

Managing the Ramadan market will be a major early test for the new government, he said, adding that meeting public expectations is a matter of national interest. He urged all stakeholders, including the media, to cooperate and help identify shortcomings so that corrective steps can be taken promptly.