Muktadir seeks Swiss support for 3-year extension of Bangladesh’s LDC graduation
Investment sought in pharmaceuticals, leather, engineering, and shipbuilding
Commerce Minister Khandaker Abdul Muktadir today (26 April) sought Switzerland's support for a three-year extension of its Least Developed Country (LDC) graduation timeline, as the two countries agreed to further strengthen bilateral trade, investment and economic cooperation.
Muktadir raised the issue when Swiss Ambassador to Bangladesh Reto Renggli met him at his Secretariat office in the city, said a press release.
During the meeting, the minister highlighted the long-standing friendly relations between the two countries and noted that Bangladesh currently enjoys duty-free market access to Switzerland under the Generalised System of Preferences (GSP).
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Emphasising 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 preference for high-quality Swiss products, describing the country as a promising market for Swiss businesses.
He encouraged Swiss firms to expand their footprint through service-oriented local investments to remain 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 organisations 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.
