Business leaders Thursday urged the interim government to undertake package reforms in economic field, including action to curb "disinformation" that dents confidence of foreign buyers in Bangladesh's major export destinations.
Their call came at 'National Business Dialogue' where Chief Adviser of the post-uprising government Prof Muhammad Yunus assured that this government and the business community would work as a team and that the worker-owner relations would be sweetened.
Addressing the head of interim government at the meet, International Chamber of Commerce, Bangladesh (ICC,B) Director Mir Nasir Hossain, on behalf of the business community, said Bangladesh's image building must be taken care of to uphold buyers' confidence.
The ICC, Bangladesh organised the first business dialogue in the interim government's regime at a city hotel. Finance Adviser Dr Salehuddin Ahmed, Planning Adviser Prof Wahiduddin Mahmud and top business leaders and private- sector representatives attended the programme.
"Some export-competitor countries have been circulating misinformation on foreign media about Bangladesh, disrupting confidence of foreign buyers in Bangladesh as well as spoiling existing investors' confidence," the chamber leader said.
Bangladesh has always been a reliable sourcing destination for foreign buyers, which is being eroded, he added.
"USA, UK, Canada, Germany, India and some other important nations have issued travel advisories on visiting Bangladesh, which has made some investors hesitant to travel to Bangladesh," he said.
The ICC, B thinks that effective strategies are required right now along with the interim government's effort to improve the country's image to the foreign and local investors and regain their trust.
He put forward the business community's suggestion for the formation of a taskforce with public-private partnership to settle the existing crisis in the country's exporting sector.
Addressing the business meet, Chief Adviser Dr Yunus said the government, workers and owners of business entities have to work as a team for a smooth run of trade and commerce.
"We understand doing business is a struggle, we will make it easier. Our government would work to improve the labour-owner relationship," he said.
Finance Adviser Dr Salehuddin Ahmed said some basic reforms in the economy are needed shortly "to gear up the car that became slower".
"Regaining investors' confidence, revamping the country's capital market, employment generation, resolving allegations on the services of the National Board of Revenue (NBR) and regulatory barriers to run businesses would be taken care of," he told the meet.
"Businesses would earn profit, but not abnormally keeping consumers hostage," the current custodian of exchequer said-amid allegations that a section of big businesses, oligopolies in particular, are cashing in on consumer woes.
He urged the trade bodies to become people's representatives, paying attention to the problems facing businesses outside the capital and major cities and also focusing their Corporate Social Responsibility for underprivileged people.
Dr Salehuddin also suggests the businesses to enhance their productivity and competitiveness and diversify export basket, which has been affected due to 'bribing culture'.
Planning Adviser Dr Wahiduddin Mahmud said exporters should become competitive to survive, and if they fail, they must phase out.
"We cannot go far depending on only low wages, trade privileges in domestic industries, or only remittances from low-skilled labourers," the Economics professor said, suggesting exporters to improve quality of goods, impart skill- development training, and adopt technology to enhance productivity.
He said bilateral and multilateral trade agreements are becoming more focused than that of World Trade Organization (WTO) efforts, so taking preparation to compete is imperative.
The planning adviser praised the businesses that grew as mature ones who once started as Small and Medium Enterprises (SME).
Mr Nasir said some 100 apparel factories had been attacked, compelling businesses to suspend production and close some 200 by now.
"Outsiders not involved with the labour-rights organizations or unions have been creating unrest in the industrial areas," he said about the unrest and marauding in industrial belts around the capital.
"The situation could not be tackled easily due to insufficient presence of industrial police," he said, demanding intensified effort of joint forces to control this situation.
He also underscored financial-sector stability, taking measures to tap ICT and insurance sectors' potential, controlling inflation, ensuring uninterrupted power supply, extracting own gas and coal to reduce import dependence.
Mir Nasir, also a former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), notes that Bangladesh is approaching graduation to middle-income country in 2026 which may lead to fresh challenges in the exporting sector due to phasing out of trade privileges.
"We prefer to practice a responsible business culture, putting an end to political influences in the business community," he says.
He expressed the business community's vow to resist an "unholy alliance active to impede good deeds" of the interim government.
The business community also strongly urged taking strict legal action against those dishonest businesses and their associates.
Dr Yunus said the businesses have to fight hard with the consumers and the government to operate.
On business leaders' demand on export sector and country's image building, Dr Yunus said newly appointed ambassador Lutfey Siddiqi, special envoy on International affairs to the CA, would convey and communicate buyers on behalf of exporters.
In a written speech, ICC,B President Mahbubur Rahman sought prompt intervention of the interim government to improve law-and-order situation, develop ICT, insurance sector, bring stability in financial sector, ensure uninterrupted energy supply, adopt universal reform process, enhance country's image to the investors and foreign buyers.
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