Bangladesh's economy is currently positioned at a critical juncture, facing the dual challenges of graduating from Least Developed Country (LDC) status in 2026 and establishing an advanced, prosperous, knowledge-based economy in the coming years. In this rapidly evolving global landscape, merely relying on traditional industrial and commercial strategies is insufficient; a technologically driven, integrated economic perspective is required. As the apex body representing Bangladesh's private sector, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI)'s role has shifted from being limited to policy discourse or consultation toward directly ensuring transformation at the ground level. This 'Integrated Thinking' is not just an ideological proposal; it is a data-driven action plan designed to tackle recent economic challenges.

Analyzing the projections and targets for the current Fiscal Year (FY25) indicates that ensuring sustainable economic growth requires structural reforms and technology-enabled skill enhancement. Key sectors such as ready-made garments, pharmaceuticals, and leather, which are known as the main drivers of the nation's economy, are currently facing intense competition in the international market. Although the industrial sector contributed approximately 37.95% to the nation's Gross Domestic Product (GDP) in the last fiscal year, achieving the 2025 target necessitates aligning productivity and quality with international market standards. With LDC graduation approaching in 2026, it is now urgent to increase the competitive capability of the country's goods and services before the loss of tariff benefits. This competitive capability can be achieved through the growth of green factories in the apparel industry and by using sophisticated data analytics and robotics for innovative research in the pharmaceuticals sector. While Bangladesh's total export volume was nearly $57 billion USD at the end of the last fiscal year, meeting the targets set for FY25 requires our industry to be more closely linked with the global supply chain through Artificial Intelligence (AI) and automation. Technology-driven advanced trade platforms, which are central to FBCCI’s integrated thinking, are essential for maintaining the dynamism of this massive industry and trade volume.

To fully harness the benefits of the Fourth Industrial Revolution (4IR), FBCCI is restructuring its operations under the philosophy of ‘Chamber 4.0’. This vision emphasizes not only the adoption of technology but also bringing Policy Predictability by establishing digital connectivity between the public and private sectors, which is vital for increasing private investment in 2025. If this digital facilitation is pursued with greater emphasis, it will allow for the real-time collection and analysis of industry and trade information via a Data and Analytics Dashboard. I hope this data-based platform will establish FBCCI's policy recommendations on the basis of documentary evidence rather than conjecture, consequently increasing their acceptability to the government. This digital platform will primarily function as ‘Online One-Stop Digital Services’, granting members access to all types of trade-related license renewals, membership certifications, and real-time information, thereby making compliance assurance easier. Providing this type of one-stop service will be capable of freeing private investors from bureaucratic complications and prolonged delays. Furthermore, I am optimistic that if plans are implemented for effective connection with government agencies such as the National Board of Revenue (NBR), the Customs Department, and the Bangladesh Investment Development Authority (BIDA) via an API Gateway, it will play a key role in simplifying import-export processes and saving time and cost in conducting business.

However, merely creating a digital infrastructure is insufficient; skilled human resources are required to operate that infrastructure. According to 2025 information, the unemployment rate among highly educated young people and the skills gap between industry and education still remain a major concern. The failure to bridge this skills gap is hindering technology-dependent automation in the production sector, which is one of the key reasons for the decline in our international competitive capability. To tackle this challenge, FBCCI should establish partnerships with the country's various universities to strengthen industry-academia collaboration. This collaboration would facilitate modern training for workers and managers in 4IR technologies such as Blockchain, cybersecurity, and Big Data Analytics. The objective of this FBCCI initiative is to create a trained workforce according to the demands of the industrial sector, allowing the full benefit of technological investment to be utilized. Consequently, this will lead to increased productivity in the industrial sector and the creation of the necessary human resources to meet the changing demands of world trade. In this manner, FBCCI will be able to both facilitate the entry of technology and supply the necessary skills to utilize that technology, successfully translating this integrated mindset into reality.

Alongside digital initiatives, FBCCI must enter into a deeper strategic partnership with the government to further accelerate the nation's economic momentum. It is crucial to take this partnership beyond policy discussions and elevate it to the executive level. To smooth the path forward, FBCCI should jointly establish a ‘Regulatory Sandbox’ with the government, where new technologies and business models can be experimentally launched. This type of sandbox will help rapidly develop policy frameworks for emerging industries, particularly fintech and e-commerce, and accelerate business innovation. Moreover, establishing and leading a ‘High-Powered Inter-Ministerial Task Force’ comprising the Ministries of Industry, Commerce, and Finance is essential for post-LDC graduation trade. Although such a task force has been temporarily constituted, its members need to work more actively so that the private sector's concerns can be directly communicated to the government's high-level circles.

Finally, it is stated that fundamental changes to the institutional capacity of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) are imperative to accelerate the country's economic progress and meet the challenges of global trade. To this end, establishing a modern FBCCI School for business leadership and human resource development is essential. This institution will be the center for providing necessary skills, knowledge, and innovative concepts for trade sector professionals. Concurrently, I propose that by making FBCCI's role central to the country's economic policy formulation process, about 50% of the Commerce Ministry's work should be directly entrusted to FBCCI’s supervision. This step will not only enhance FBCCI's capabilities but also ensure administrative efficiency through a strong partnership with the government. Emphasis is also placed on forming a well-organized Think Tank Committee and an experienced Advisory Committee to fortify the policy determination framework. It is important to ensure that the committee members are accorded due respect and status for their wisdom and contributions. Furthermore, to align the nation's trade policy with international standards and best practices, it can be proposed to grant a foreign organization the right and responsibility to update the policy, which will introduce dynamism and global relevance to our policies. A specific budget allocation from the Ministry of Commerce for FBCCI is necessary for the execution of these comprehensive responsibilities. FBCCI will effectively distribute this budget across its various programs, which will ensure its financial autonomy and operational independence. Strategic changes to the membership structure are rational for broadening and making FBCCI's member base more influential. It is now a necessity to introduce corporate membership under special consideration to include the country's large industrial and commercial enterprises. Additionally, Lifetime Membership may be granted to distinguished individuals who have made outstanding contributions to the commercial world. These steps will make FBCCI's leadership experienced and diverse, which will ultimately further consolidate the institution’s prestige and influence.

Ultimately, FBCCI’s integrated strategy, in the economic context of 2025, is not just supporting the country's business and trade. Rather, they will serve as the private sector's key strategic engine for overcoming the challenge of LDC graduation and achieving the goal of an advanced knowledge-based economy by creating a modern, data-driven bridge among industry, trade, and technology. Ensuring the success of this integrated initiative to further strengthen the country's economic foundation is now a demand of the time.

Sakif Shamim
Economist
Managing Director, Labaid Cancer Hospital & Super Speciality Centre