A defining moment for Bangladesh
Salahuddin Ahmed | Sunday, 8 March 2009
BANGLADESH is going through a situation that beggars description. No one was prepared for the recent Bangladesh Rifles (BDR) mutiny in Bangladesh and the carnage that went with it. A good number of army officers were killed, while a number of army officers are still missing. Our country has just experienced such shock and horror, which, without any doubt, is one of the most hideous incidents in the history of Bangladesh. This mutiny cost the lives of some of the most brilliant officers of our country that leaves Bangladesh with the task of tackling yet another critical situation to overcome. In this grim situation, Bangladesh needs to be very circumspect in taking its decisions.
Both print and electronic media from around the world covered this tragic incident with a great attention. A CNN partner media mentions that this situation is the biggest challenge for the newly elected government in Bangladesh. Other media mention that it is indeed important to watch what Bangladesh is going to undertake to catch the real culprits of this incident.
This mutiny, beyond a shadow of a doubt, caused unprecedented loss to Bangladesh. Bangladesh lost quite a few renowned army officers. It has left a severe impact on our country. Now it is also necessary to analyse what would be the aftermath of this unexpected and horrific event in Bangladesh in terms of economy and business. It can be assumed that Bangladesh's trade and investment could be affected to a greater extent due to this tragic episode.
Business leaders in Bangladesh should act now more proactively to keep the trade and investment on right track. Bangladesh now needs to attract foreign firms by adopting more investment-friendly policies and incentives. The country does provide some basic incentives such as tax holiday, concessionary duty on imported capital machinery, rationalization of import duty etc. At this critical moment the image of our country is facing a very adverse situation. Bangladesh needs to clarify that it will provide all these incentives in fullest. It needs to create the condition to attract Foreign Direct Investment (FDI).
The recent horrific incident in Bangladesh has affected the share market negatively. The Dhaka Stock Exchange (DSE) shares have been falling continually. The two-day bloody mutiny contributed to the fall further. The benchmark index of the DSE, fell 28.12 points or 1.08 per cent to 2,570.96, on the week-on-week basis. The DSE All Share Price Index also shed 17.51 points, or 0.081 per cent to 2,144.29 on Thursday, the last trading of the week. This tragic incident, though non-economic in nature, caused stock markets to suffer badly. This incident will also have a psychological effect on investors and out of fear the investors would try to get rid of the stocks quickly.
The economic situation is still precarious all over the world and Bangladesh will not remain immune from this crisis. In this situation, the mutiny will leave its adverse impact on the Bangladesh economy. It is feared that many Bangladeshis overseas will lose their jobs resulting in a decline in the volume of remittances. During 2007-2008, total remittance in Bangladesh was about $8.0 billion. But due to the global recession the remittance inflow in February was $784.47 million, which was $859 million in January. Recent carnage in Bangladesh coupled with global recession could make the economy more vulnerable.
What do we exactly need to defuse the possible crisis in Bangladesh? It is up to its government and the people to work together to tackle the whole situation. The media must play a big role in giving a clearer picture of the current situation. Both electronic and print media should cover the situation and be careful not to air any rumour. The whole world is watching us and any rumour or provocative news could deteriorate the situation even further.
Obviously, the biggest challenge before the government is to find out the perpetrators of the dastardly act at the BDR Headquarters (HQs). The whole world is watching how well Bangladesh is able to face this trying moment. The most urgent task is to hunt down the perpetrators of the carnage. The Army and the BDR should work together with better coordination for the nation's development and progress. There is no doubt that Bangladesh government is capable of facing this challenge and it has already responded to the situation with great resoluteness.
The writer is an MBA Student & Graduate Assistant at the Ashland University, OH, USA. He can be reached at E-mail: [email protected]
Both print and electronic media from around the world covered this tragic incident with a great attention. A CNN partner media mentions that this situation is the biggest challenge for the newly elected government in Bangladesh. Other media mention that it is indeed important to watch what Bangladesh is going to undertake to catch the real culprits of this incident.
This mutiny, beyond a shadow of a doubt, caused unprecedented loss to Bangladesh. Bangladesh lost quite a few renowned army officers. It has left a severe impact on our country. Now it is also necessary to analyse what would be the aftermath of this unexpected and horrific event in Bangladesh in terms of economy and business. It can be assumed that Bangladesh's trade and investment could be affected to a greater extent due to this tragic episode.
Business leaders in Bangladesh should act now more proactively to keep the trade and investment on right track. Bangladesh now needs to attract foreign firms by adopting more investment-friendly policies and incentives. The country does provide some basic incentives such as tax holiday, concessionary duty on imported capital machinery, rationalization of import duty etc. At this critical moment the image of our country is facing a very adverse situation. Bangladesh needs to clarify that it will provide all these incentives in fullest. It needs to create the condition to attract Foreign Direct Investment (FDI).
The recent horrific incident in Bangladesh has affected the share market negatively. The Dhaka Stock Exchange (DSE) shares have been falling continually. The two-day bloody mutiny contributed to the fall further. The benchmark index of the DSE, fell 28.12 points or 1.08 per cent to 2,570.96, on the week-on-week basis. The DSE All Share Price Index also shed 17.51 points, or 0.081 per cent to 2,144.29 on Thursday, the last trading of the week. This tragic incident, though non-economic in nature, caused stock markets to suffer badly. This incident will also have a psychological effect on investors and out of fear the investors would try to get rid of the stocks quickly.
The economic situation is still precarious all over the world and Bangladesh will not remain immune from this crisis. In this situation, the mutiny will leave its adverse impact on the Bangladesh economy. It is feared that many Bangladeshis overseas will lose their jobs resulting in a decline in the volume of remittances. During 2007-2008, total remittance in Bangladesh was about $8.0 billion. But due to the global recession the remittance inflow in February was $784.47 million, which was $859 million in January. Recent carnage in Bangladesh coupled with global recession could make the economy more vulnerable.
What do we exactly need to defuse the possible crisis in Bangladesh? It is up to its government and the people to work together to tackle the whole situation. The media must play a big role in giving a clearer picture of the current situation. Both electronic and print media should cover the situation and be careful not to air any rumour. The whole world is watching us and any rumour or provocative news could deteriorate the situation even further.
Obviously, the biggest challenge before the government is to find out the perpetrators of the dastardly act at the BDR Headquarters (HQs). The whole world is watching how well Bangladesh is able to face this trying moment. The most urgent task is to hunt down the perpetrators of the carnage. The Army and the BDR should work together with better coordination for the nation's development and progress. There is no doubt that Bangladesh government is capable of facing this challenge and it has already responded to the situation with great resoluteness.
The writer is an MBA Student & Graduate Assistant at the Ashland University, OH, USA. He can be reached at E-mail: [email protected]