A new dawn for Democracy and Justice

Editorial of ICCB Quarterly News Bulletin

FE Team | Published: October 24, 2024 00:03:36

August 5 marked a landmark victory for the people through an unprecedented Anti-discrimination Students' Movement. The "Quota Reform Movement," which initially aimed to reform the 2018 quota system for government jobs, ultimately attributed to the end of Prime Minister Sheikh Hasina's 15-year autocratic governance, according to the editorial of the current News Bulletin (July-Sept. 2024) of International Chamber of Commerce-Bangladesh (ICCB) released Wednesday.
This achievement, showcasing the solidarity, strength, and determination to uphold the rights of students and the people, serves as a testament to the enduring spirit of collective action, even in the face of significant challenges.
Thus, a new chapter of democracy and good governance has been unfolded in our country through the sacrifices made and the mass movement supported by the entire nation. We honour the movement's martyrs, pray for the salvation of their departed souls, offer our condolences to their families, and wish a swift recovery for those who were injured.
Businesses extend their gratitude to Nobel Laureate Professor Dr Muhammad Yunus, the Chief Adviser, and all members of the Advisory Council of the Interim Government for taking on the responsibility of creating a discrimination-free Bangladesh.
Within two months of taking office, our nation is already seeing the positive impacts of initiatives the interim government took. Key achievements include increased remittance flow, improved Bangladesh Bank reserves, reduced fuel prices, and accessible loans for export industry workers. Steps taken to stabilise bank operations and foster economic stability, forming a high-level task force to recover laundered money, creating six commissions, and taking the initiative to issue a White Paper on the economic condition are also notable. Bangladesh Bank's efforts to boost credit flow to the export sector and ease import restrictions are commendable.
ICC Bangladesh and 15 National Trade Organizations organised a National Business Dialogue in Dhaka on September 12. Chief Adviser Prof. Dr Muhammad Yunus attended and addressed the Dialogue as Chief Guest, while Dr Salehuddin Ahmed, Adviser in Charge of the Ministries of Finance, Commerce, Science, and Technology, and Prof. Dr Wahiduddin Mahmud, Adviser to the Ministries of Planning and Education, addressed the event as Special Guests. More than 700 delegates from businesses and other stakeholders attended the dialogue.
Businesses emphasised the urgent need to address various issues, particularly the law and order situation. Despite government efforts, including deploying armed forces, some miscreants continue to instigate unrest, affecting industries, especially the RMG sector. Although all demands of RMG workers have recently been accepted, industrial areas still face disruptions due to outsiders causing disorder. These offenders have engaged in robbery, vandalism, arson, and looting, resulting in damages exceeding Tk. 5,000 crores as estimated by the businesses. Besides, according to BGMEA, the garment industry has suffered collective production loss of around US$400 million. As the RMG sector is crucial to our export earnings, ensuring uninterrupted operations and taking comprehensive measures to stabilise the garment industry is vital.
The current law and order issues have led to adverse reactions from international brands and buyers, raising concerns about future orders. It is crucial to devise a strategy to rebuild relationships with key export markets and importers urgently. At the Dialogue, businesses emphasised on ensuring stable energy supply, financial sector stability, improving the country's image, and advancing the ICT sector.
Approximately 70 million people work in various sectors such as garments, pharmaceuticals, food processing, leather, small industries, and ICT. Unrest in the industrial sector could lead to mass unemployment, causing social and economic instability. The youth represent the country's future, and fostering employment and economic growth requires strengthening and expanding the private sector. The business community aims to collaborate with the younger generation, leveraging their intellect and vision to present Bangladesh in a new light on international platforms.
Businesses fully trust Professor Dr Muhammad Yunus's leadership in creating a "New Bangladesh" and will act as a catalyst with the Interim Government to ensure true democracy, justice for all, discrimination-free, and sustainable, inclusive growth to fulfil the dream of our martyrs. However, some actions and steps taken do not seem to be in line with achieving these objectives as opined by civil society and experts. Nevertheless, we are optimistic about the future.