Bangladesh needs to diversify its export basket and seek out new markets in order to prevent potential losses after graduating from the list of least developed countries (LDC), according to Saiful Islam, president of the Metropolitan Chamber of Commerce and Industry (MCCI).
With Bangladesh set to graduate from an LDC in 2026, the country will have to overcome the challenges that come with the loss of preferential access to most export markets, he said.
Islam made these remarks when a delegation of the Country Road Group (CRG), one of Australia’s largest fashion retailers, visited the MCCI office in Dhaka on Wednesday.
During the meeting, Islam praised Australia’s decision to allow preferential access for Bangladeshi goods even after LDC graduation.
“As facilitators of trade and commerce, the MCCI would always pursue improving trade between the two countries,” he said.
Leading the delegation, Rachid Maliki, general manager of global supply chain and sourcing, said since Bangladesh’s share in CRG’s sourcing is very low, it has much room to improve.
Maliki then praised Bangladesh’s newest factories and how they were built underscoring safety, security, and green transition.
He also highlighted the local entrepreneur’s positive change in mentality, which he thought could ultimately help CRG decide to source more from Bangladesh.
Jeremy Bruer, Australia’s high commissioner to Bangladesh, said as both countries produce complementary products, tapping into those could push up bilateral trade.
Australian liquefied natural gas and wool could be useful for Bangladesh while Australia could find Bangladesh’s agricultural products useful, he added.
The high commissioner also affirmed that Australia is ready to facilitate bilateral trade at the government level.