Chief Adviser Professor Muhammad Yunus has expressed deep regret over the missed opportunities in developing Bangladesh’s leather industry, saying, “We committed a crime regarding the country’s leather sector – we did not evaluate it properly.”Speaking at a high-level review meeting on preparations for the transition from Least Developed Country (LDC) status, held at the Chief Adviser’s Office in Tejgaon on Wednesday, July 30, Yunus emphasised that Bangladesh failed to capitalise on the economic potential of the leather industry despite its vast resources and export capacity.
“We were supposed to benefit economically from this industry, but that did not happen,” he said. “Now we must act urgently to correct this.”
In a directive following the meeting, the Chief Adviser ordered the organisation of a dedicated follow-up meeting focused solely on identifying and implementing solutions to revive and strengthen the struggling leather sector.
The meeting assessed the progress of 16 decisions taken to accelerate the LDC graduation roadmap. According to Suchismita Tithi, Assistant Press Secretary to the Chief Adviser, the National Board of Revenue (NBR) is implementing four of these decisions; the Ministry of Industries is implementing three decisions; Economic Relations Department implements two decisions; Ministry of Commerce implements three decisions; and the Chief Adviser’s Office is implementing four decisions.
NBR Chairman Md Abdur Rahman Khan at the meeting reported the National Single Window system is being fully implemented, with 19 agencies already integrated and more being added. He also said an action plan for the Tariff Policy 2023 has been prepared, and implementation is underway.
The meeting also emphasised the need for targeted support and incentives for key export industries beyond ready-made garments (RMG), including leather, footwear, and man-made fibre sectors.
The meeting also discussed duty-free import of raw materials and machinery for the man-made fibre industry; full commissioning of the Effluent Treatment Plant (ETP) in Tannery Village, Savar, to ensure environmental compliance; completion and operationalisation of the API (Active Pharmaceutical Ingredients) Park in Gazaria of Munshiganj; and updating the Industrial Policy 2022 to reflect current economic realities and global competitiveness.
Professor Yunus stressed the urgency of policy reform: “We have to do these things for our own interest, for the sake of our economy. We must change policies and laws that are no longer working and find a way forward. These are not optional – they are fundamental. We must act for our own progress.”
He directed that the next high-level review meeting be held within two months to assess further steps in the LDC transition process.
Finance Adviser Dr Salehuddin Ahmed, Industries Adviser Adilur Rahman Khan, Environment Adviser Syeda Rizwana Hasan, Shipping Adviser M Sakhawat Hossain, Health Adviser Nurjahan Begum; Cabinet Secretary Sheikh Abdur Rashid, Principal Secretary to the Chief Adviser M Siraj Uddin Mia; NBR Chairman Md Abdur Rahman Khan, Bangladesh Bank Governor Ahsan H Mansur, and senior officials from relevant ministries were present at the meeting.