<div style="text-align: justify; "><span style="font-size: 1rem;">Highlighting tremendous success achieved over the last 15 years, Prime Minister's Adviser Salman F Rahman on Tuesday laid emphasis on joint efforts to address the challenges ahead to avoid the middle-income trap.</span><br></div><div style="text-align: justify;"><br></div><div style="text-align: justify;">"If we fall into the middle-income trap, we will not be able to achieve our goal of becoming a developed nation by 2041," he said at a report launching ceremony at a city hotel.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">The report, titled "Production Transformation Policy Review of Bangladesh: Investing in the Future of A Trading Nation", was unveiled jointly by State Minister for Foreign Affairs Md Shahriar Alam, State Minister for ICT Zunaid Ahmed Palak, European Union Ambassador to Bangladesh Charles Whiteley, Director of OECD Development Centre Ragnhelour Elin Arnadottir, FBCCI President Mahbubul Alam, and Bangladesh Competition Commission Member Hafizur Rahman.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Prime Minister Sheikh Hasina delivered special (video) remarks at the event.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Speaking at the opening session, Salman said there is a great risk after Bangladesh graduates from LDC status, if the challenges that come with the graduation are not addressed.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">He said the devaluation of taka and increase of energy and commodities' prices&nbsp; have wreaked havoc on the Bangladesh economy like other economies in the world.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">The adviser laid emphasis on domestic revenue mobilization, modernizing the tax collection system with wider tax net and, diversification of exports.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">"There is a huge potential to diversify in the textile sector," he said.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Salman said Bangladesh needs to attract more domestic and foreign investment and there are efforts to do more in terms of easing doing business here.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">On the climate front, he said the international community needs to do more to address the challenges.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">He said the political stability in the country over the last 15 years helped Bangladesh achieve many things.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Ambassador Whiteley said the report marks a very remarkable collaboration which has made many useful recommendations.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">He said the share of RMG is now much higher and there is potential to have diversification within the RMG sector.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">The report highlighted the importance of FDI into Bangladesh.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">According to report,&nbsp; &nbsp;Bangladesh needs to modernize its policy approach and it identified five priorities for policy reforms: fostering innovation, managing openness and regional integration, institutional streamlining and modernization of cutting red-tape, and updating the regulatory framework.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">The report suggested that Bangladesh needs a shift from price-led competitiveness model to a quality and innovation model to continue succeeding.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">The study “Production Transformation Policy Review of Bangladesh – Investing in the future of a trading nation” was coordinated by OECD Development Centre in collaboration with UNCTAD, and discussed its key policy recommendations in the presence of the Private Industry and Investment Adviser to the Prime Minister of Bangladesh and other key stakeholders.</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">The study’s findings show that, half a century after independence, Bangladesh has achieved impressive progress.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">The country has transformed from one of the poorest nations into a global textile manufacturing hub and it is capable of meeting its medical needs almost entirely through domestic pharmaceutical production.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Bangladesh will graduate from the LDC category in 2026 and aspires to be a high-income nation by 2041.&nbsp;</div><div style="text-align: justify;"><br></div><div style="text-align: justify;">Meeting these objectives and addressing lingering challenges – such as climate change or boosting resource mobilisations – requires accelerating economic transformation through diversification and innovation, it said. UNB</div><div style="text-align: justify;"><br></div><div style="text-align: justify; ">bnbd24/kh</div>