The government will take initiatives to defer Bangladesh’s graduation from the Least Developed Country (LDC) category, Commerce, Industries, and Textiles & Jute minister Khandaker Abdul Muqtadir said on Wednesday.

Speaking to reporters on his first day in office at the Ministry of Commerce at the Secretariat, Muqtadir said the government has already begun work to pursue a deferral of LDC graduation.

“We want to defer the LDC graduation, and whatever steps are necessary will be taken,” he said, adding that the process has been initiated by the Commerce Ministry in coordination with the Economic Relations Division (ERD).

Export Diversification a Priority

Referring to the recent slowdown in exports, the adviser noted that Bangladesh’s export structure remains highly concentrated, with nearly 85 percent of total exports dependent on a single product category.

“To move forward, we must diversify our export basket and explore new markets,” he said, stressing the importance of broadening the country’s industrial and trade base.

He also assured that the government aims to extend full support to private sector entrepreneurs willing to invest and expand businesses.

Global Uncertainty, Limited Margin for Error

Highlighting global trade uncertainties, Muqtadir said sudden shifts in tariff policies in the United States have created instability in international markets. As a developing country with limited economic cushion, Bangladesh has little room for error, he observed.

“The margin of error is very small. We must quickly recover from the sluggishness seen in recent months,” he said.

Ramadan Market Measures

On the upcoming Ramadan, the adviser said the government has adequate stocks of essential commodities and sufficient supplies in the pipeline to ensure market stability.

“If supply remains normal, the market will also remain stable. There is no reason for panic,” he said.

Responding to questions about alleged syndicate activities during Ramadan, Muqtadir said he prefers action over rhetoric. “I do not want to give sound bites. Insha’Allah, I will demonstrate results through work,” he remarked.

He attributed occasional price spikes at the beginning of Ramadan to one-time surges in demand, as consumers often purchase monthly essentials at once. However, he said such effects typically do not persist for long.

Investment and Employment Challenges

The minister underscored that a stable environment is the primary prerequisite for attracting investment. “No investment comes amid uncertainty. Investors need confidence that their capital and labour will generate expected returns,” he said.

He warned that with nearly 2 to 2.2 million people entering the labour market annually, prolonged stagnation in investment over the past two to three years has created mounting pressure on employment and the broader economy.

Asked whether managing Ramadan immediately after assuming office poses a major challenge, Muqtadir said meeting public expectations during the holy month will be a key test for the new government.

“This is not a personal matter; it concerns the country’s interest. We must succeed,” he said, urging the media and stakeholders to cooperate and point out shortcomings so that collective efforts can drive progress.