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Country must be back in business without delay
Bankers, factory owners and telco CEOs suggest a way forward for the economy as they join a roundtable organised by
STAFF CORRESPONDENT
Amid worker unrest and insecurity in the industrial sector, entrepreneurs and bankers have urged the new administration to focus on rebuilding confidence in the economy.
Businesses suffered heavily because of street protests and internet blackouts with production disrupted and shipments delayed during the anti-discrimination student movement that toppled the Sheikh Hasina government on August 5.
The political turmoil in Bangladesh has significantly impacted the economy, eroding the confidence of both domestic and international investors. The police force, fearing reprisal attacks, was hesitant to return to work, further worsening the situation. Worker unrest fuelled more concerns later.
Now, Bangladesh must make sure that the country is back in business and also needs to set a communication strategy for channelling the information to the domestic and international business community, according to Syed Nasim Manzur, managing director of Apex Footwear Ltd.
Nasim Manzur and other entrepreneurs and bankers shared their ideas about short and long-term measures at a roundtable titled Current Business Challenges & Way Forward, organised by The Daily Star at its office in Dhaka yesterday.
Mahfuz Anam, editor and publisher of The Daily Star, moderated the discussion.
SECURITY AND UNREST
Speaking at the roundtable, Sk Bashir Uddin, managing director of AkijBashir Group, said the elephant in the room is the law and order situation. “Of course, I was personally almost assaulted in one of my factories,” he said.
Rupali Chowdhury, managing director of Berger Paints Bangladesh, described the “huge labour unrest” as “a dire problem” for the manufacturers.
With the police absent, the entrepreneurs are turning to the army but confusion remains over whom to talk to to resolve the issues raised by the workers, she said.
“So ultimately, they [entrepreneurs] do not know who to contact and how to run the factory. This is going to give a certain amount of uncertainty for the multinational companies who are actually investors. They are seeing that this kind of labour unrest happens and there is nobody to support them,” Rupali said.
REGAINING CONFIDENCE
Normalcy appears to be returning slowly to the industrial sector now with the workers and law enforcers getting back to their jobs, while army personnel have joined the efforts to ensure safety in the industrial belts.
Nasim Manzur suggested ensuring safety in the five major industrial belts, including Ashulia, Narayanganj, Narsingdi, Chattogram and Cumilla so that no further untoward incidents take place in these industrial zones.
He mentioned that several factories were burnt out or vandalised, which impacted the production and business of these industries heavily as a section of people took advantage of the volatility.
For instance, production in nearly 20 pharmaceuticals factories has been severely affected due to the latest spell of labour unrest and a tyre factory, which used to meet nearly 60 percent of the domestic demand, was torched in Narayanganj, he said.
The government should hold a meeting involving at least 50 of the top foreign investors soon so they regain confidence in doing business here, said Nasim Manzur.
“I would like to recommend setting up a taskforce which would include major exporters, government, as well as some of our international partners, investors, buyers, as to what that communication
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