International Chamber of Commerce-Bangladesh (ICCB) has said 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, the ICCB said in its editorial of the current news bulletin released on Wednesday.
Businesses fully trust Chief Adviser Prof 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 fulfill the dream of our martyrs, said the chamber body.
However, it said, 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.”
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,” said the ICCB.
August 5 marked a landmark victory for the people of Bangladesh through an unprecedented Anti-discrimination Students' Movement, said the ICCB.
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.
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, ICCB said, a new chapter of democracy and good governance has 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 emphasised the urgent need to address various issues, particularly the law and order situation, said the chamber body.
Despite government efforts, including deploying armed forces, some miscreants continue to instigate unrest, affecting industries, especially the RMG sector, ICCB observed.
Although all demands of RMG workers have recently been accepted, industrial areas still face disruptions due to outsiders causing disorder, it said.
These offenders have engaged in robbery, vandalism, arson, and looting, resulting in damages exceeding Tk. 5,000 crores as estimated by the businesses.
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, said the ICCB.
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, the ICCB added.