The government should take steps to defer Bangladesh's graduation from the Least Developed Countries (LDC) category by at least three years, said the Bangladesh Chamber of Industries (BCI) today.

"We are not ready for LDC graduation right now. Why should we commit conscious suicide?" said BCI President Anwar-ul Alam Chowdhury (Parvez) at a press briefing in the capital.

Bangladesh is scheduled to graduate from LDC status to a developing nation in November 2026, but businesses are demanding that the government take the initiative to delay the graduation.

Last month, Education and Planning Adviser Wahiduddin Mahmud said Bangladesh has no option to defer its graduation from the LDC category. Earlier, members of the white panel on the state of Bangladesh's economy also advised the government not to defer graduation.

Chowdhury alleged that the previous Awami League government pursued LDC graduation based on inflated economic figures in order to portray an achievement.

"If the graduation is not deferred, the economy will face a massive collapse," he said.

The garment and textile sector, which accounts for 40 percent of manufacturing employment and contributes roughly 85 percent of exports, will bear the brunt of the challenges, he added.

Chowdhury said Vietnam would enjoy zero-tariff access to the European Union from 2027, while European importers of Bangladeshi garments would face a 12 percent duty from 2029.

"We strongly believe that the graduation period should be deferred by at least three more years," he said.