To maintain factory operations and safeguard the economy, business leaders and industrialists have urged resolving the ongoing protests through dialogue, suggesting government concessions if necessary. They also demanded justice for the killers of unarmed people, stressing that, despite delays, it is not too late for action.
The dollar crisis has already negatively impacted business and trade. The macro-economy has been under pressure for a long time, and the quota reform movement has been ongoing for nearly three weeks. Although the government has accepted the main demand of this movement, 216 people have died during this period.
Prime Minister Sheikh Hasina announced on Saturday, "The door of Ganabhaban is open. I want to sit with the quota reform protesters and hear their concerns. I do not want conflict." However, the student movement coordinators said they are unwilling to enter into discussions, insisting that decisions will come from the streets.
To address concerns about the economy, the Bengali daily Prothom Alo spoke with several industrialists and businessmen on Saturday. They emphasised the need for a conducive business environment in the country.
FBCCI President Mahbubul Alam said that economic stability is crucial for everything to function properly, highlighting the importance of maintaining the supply chain and export activities. Given the current situation, he said dialogue is the main path to a solution.
"The economic situation was already poor before the movement began, and the recent protests have worsened it. We want a resolution and justice for the murdered victims. There's still time to act," Mahbubul Alam said.
Pran-RFL Group Chairman and CEO Ahsan Khan Chowdhury said, "It is evident that a gap has been created. However, we are in favour of reconciliation. We all want peace. Those who are protesting also support peace. It is best to find a solution through discussion in such cases."
For a long time, the country's foreign exchange reserve situation has not been good. The government has repeatedly failed to meet the reserve retention commitment given to the International Monetary Fund (IMF). In the recently concluded month of July, the reserves decreased by $1.3 billion, bringing the total to $20.49 billion. Remittances in July also fell to $1.91 billion, the lowest in the past 10 months. Due to the protests, the government shut down broadband internet for 5 days and mobile internet for 10 days. This alone caused a loss of Tk17 billion in the e-commerce sector. The information was officially reported by the e-Commerce Association of Bangladesh (e-CAB) three days ago.
Former Dhaka Chamber of Commerce President Shams Mahmud expressed deep concern about the current situation, noting widespread insecurity and detachment from the Bangladesh Bank. He said, “We are facing a dire situation. People are feeling insecure and we are worried. The Bangladesh Bank is completely detached from reality.”
Mahmud described the ongoing movement as a reflection of long-standing issues, warning that maintaining macroeconomic stability will be challenging. He questioned the feasibility of doing business under such conditions, asking, “Keeping factories open is fine, but what about the safety of my workers?”
One of the country’s key sources of foreign exchange, the garment sector, faced significant disruption due to an internet shutdown. For nearly a week, exporters were cut off from global communications, hindering their ability to secure orders and export goods due to closed ports. The shutdown prevented foreign importers from contacting exporters, causing goods to become stuck at the ports and resulting in substantial losses. While some factories remained open, they operated under severe constraints. Additionally, the leather and leather products sector experienced losses exceeding Tk3 billion in just one week.
Mohammad Hatem, Executive President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said, “We are still suffering from a week-long internet outage. Even after restoration, some foreign buyers remain skeptical.”
Abdullah Hil Rakib, Vice President of the BGMEA, said, "The protesters’ demands were simple and a fair resolution was achievable. However, the government mishandled the situation. We criticise those who misled the government. A solution through discussion would relieve the public, and the government must make significant concessions."
Source: Daily Sun
BDST: 1245 HRS, AUG 04, 2024
SMS
