Finance Minister AHM Mustafa Kamal says there is no country in the world that can compete with Bangladesh.
"None can compete with us. Our capacity, skills, productivity have been enhanced a lot," he told a virtual press briefing on Saturday.
"We (Bangladesh) have grabbed the portion (strong side) of the neighbouring countries where they are better (in manufacturing). We've tackled all the challenges in the previous days. We'll manage in the future too."
Mr Kamal says some people before 2005 forecast that Bangladesh's ready-made garment (RMG) sector would collapse, but they were proved wrong.
"We'll take the challenge of losing some trade benefit after graduating to a developing nation from the current status of least-developed country (LDC). And Bangladesh will win," he adds.
"Our enhanced productivity, present status of demographic dividend and resilience of people to withstand any shock are on the same line. Those are more powerful than the fear some people are expressing."
"So, we won't face [any] obstacles even after the LDC graduation," the minister asserts.
He briefed the media on a programme to be hosted in Dhaka today (Sunday) in celebration of the United Nations (UN) recommendation of Bangladesh's graduation.
Prime Minister Sheikh Hasina will attend the event, organised by economic relations division (ERD) of the finance ministry, as the chief guest.
On inflationary pressure, Mr Kamal says Bangladesh has no such pressure despite a rising global trend.
Although price of some essential products are rising, he adds, inflation is still at a tolerable level.
About the impact of diesel price hike on inflation, he says, "I can't tell about the price hike as this is not my authority. I'm sure the PM and policymakers involved will look after the issue."
On a correlation between money laundering, rising import payment and cash incentive for remittance, the Mr Kamal says the government is taking legal action against the siphoned-off funds.
About a hike in remittance incentive to 2.5 per cent, Mr Kamal said foreign-exchange inflow from overseas job-holders had been boosted to $25 billion from $14 billion in FY 2019.
Meanwhile, Bangladesh met all the criteria for LDC graduation for the second consecutive time during the latest triennial review of the UN Committee for Development Policy (CDP) in February 2021.
The CDP also suggested providing an extended preparatory period of five years for Bangladesh spanning from the year 2021 to 2026.
The recommendation had been duly endorsed by the UN Economic and Social Council (ECOSOC) on 08 June 2021.
Consequently, the UN General Assembly adopted the resolution of the ECOSOC's recommendation for Bangladesh's LDC graduation on November 24.
Following the five-year period recommended by the UN, according to the ERD, Bangladesh will formally graduate from the LDC category 23 November 2026.
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