Country’s business leaders have called for the urgent restoration of the business environment to quickly recover losses amid the ongoing situation in Bangladesh since Prime Minister Sheikh Hasina resigned from her post on Monday following weeks of violent unrest, deaths, and curfews.
They stressed the importance of signalling to international buyers that Bangladesh is back in business to prevent losing foreign clients. Aiming to build an inclusive and fair nation, business leaders hope that the country's business organisations will be free from political influence.
They advocate for leaders of organisations, such as FBCCI and BGMEA, to be elected by business representatives rather than government appointees.
They noted that government-preferred individuals have been running these organisations, leading to the implementation of party agendas rather than addressing the problems faced by businesspeople. This has posed a significant obstacle to the country's trade and business development.
Additionally, business opportunities were allocated to party affiliates through a quota system, depriving other businesspeople of opportunities. They expressed hope that under the new government, there will be no such discrimination.
Amid the ongoing turmoil in Bangladesh following the resignation of Hasina, many business leaders fear the loss of their enterprises and goods, prompting calls for their protection.
Businessmen have expressed concerns that public anger towards certain business figures, who are seen as followers of the Awami League government and directly involved in political activities, could now manifest in attacks and vandalism.
They warned that such incidents could not only destroy individual businesses but also pose risks to nearby establishments. Moreover, this would significantly impact the country's economy and its economic reputation abroad, as many businesses export to international buyers.
They urged the public and authorities to prevent any violence and safeguard the business environment.
Hafez Hazi Mohammad Enayet Ullah, a director of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), criticised the political influence within business organisations. "The current president of FBCCI was elected without a vote because the government appointed him. I was elected director from the association group with the highest votes in the last election, but I was not included in any committee or activities because I do not align with their party politics," he said.
He continued that this issue extends beyond the FBCCI to all business organisations, where leadership is often restricted to those with political affiliations.
"We hope that the new, inclusive Bangladesh will see no discrimination in the business sector and will be represented by individuals elected by the business community," he added.
Abul Kashem Khan, former president of the Dhaka Chamber of Commerce & Industry (DCCI), called for the rapid restoration of the business environment to recover losses quickly.
"We need to reassure our buyers that we are back in business to prevent foreign clients from leaving us," he said.
"It is crucial to reconnect globally and convey that we will operate more efficiently than before. Business regulations, banking channels, letters of credit (LCs), and shipping should all function as they did previously. The message that Bangladesh is back in business must be clearly communicated, highlighting positive changes throughout," he added.
Abul Kashem Khan also stressed the importance of new initiatives and engaging the younger generation. "We must leverage the talents of our young society to move forward. If we do so, the brain drain of our talented individuals will decrease," he added.
Debabrata Kumar Sarker, the former chief research officer of BRAC EPL Investments Limited, cautioned against making hasty decisions. "Regardless of the new government and its approach to governance, resolving the current economic stagnation must be the top priority," he said.
He also stressed the need to restructure the regulatory body of the stock market and formulate policies that primarily protect the interests of investors.
