New commerce minister Khandaker Abdul Muktadir has said initiatives will be taken to defer Bangladesh’s graduation from the least developed country (LDC) category. He added that work on the matter began today.

He told journalists this at the secretariat on Wednesday. Work has already started at the Ministry of Commerce, and coordination and necessary communication will soon be carried out with the Economic Relations Division (ERD), he added.

He also said there is no obligation to send a formal letter in the first week, but work on the issue has begun from today,

Regarding the slowdown in exports, the commerce minister said Bangladesh’s export structure remains highly concentrated. At present, around 85 per cent of the country’s total export earnings come from a single product. To address this situation, diversification in export products will be introduced. Expanding into new markets and providing proper support to private entrepreneurs interested in investment will be the government’s priority.