Staff Reporter:
Commerce Minister Khandaker Abdul Muktadir yesterday sought Switzerland’s support for a three-year extension of its Least Developed Country (LDC) graduation timeline, as the two countries agreed to fur-ther strengthen bilateral trade, investment and economic cooperation.
Muktadir raised the issue when Swiss Ambassador in Dhaka Reto Renggli met him at his Secretariat of-fice in the city, said a press release.
During the meeting, the minister highlighted the long-standing friendly relations between the two coun-tries and noted that Bangladesh currently enjoys duty-free market access to Switzerland under the Gener-alized System of Preferences (GSP).
Emphasizing the challenges of post-graduation transition, Muktadir said Bangladesh has requested a three-year deferment of its LDC graduation and expects Switzerland’s support to ensure a smooth and sustainable transition.
The commerce minister underscored Bangladesh’s growing middle-class population and its strong pref-erence for high-quality Swiss products, describing the country as a promising market for Swiss business-es.
He encouraged Swiss firms to expand their footprint through service-oriented local investments to re-main price competitive and capture a larger share of the domestic market.
Muktadir also urged increased Swiss investment in key sectors, including pharmaceuticals, leather goods, light engineering and shipbuilding, where the government is offering incentives to attract foreign direct investment (FDI).
Ambassador Renggli acknowledged the existing trade imbalance between the two countries but expressed Switzerland’s interest in expanding trade and investment ties with Bangladesh.
In response, the minister proposed enhanced engagement between business chambers and organizations of both countries to identify new opportunities, stressing that joint ventures could play a crucial role in boosting trade volume and reducing the deficit.
Commerce Ministry Secretary (Routine Duty) Md. Abdur Rahim Khan was also present at the meeting.
