Businesses urge Dr Yunus to sit with foreign investors, buyers to restore confidence

Business leaders have said that Chief Adviser Muhammad Yunus will meet with foreign investors and buyers to restore their confidence and secure ongoing business activities in Bangladesh.

During a meeting at the state guest house Jamuna today, a delegation from the International Chamber of Commerce, Bangladesh (ICCB), led by its President Md Mahbubur Rahman, urged the chief adviser to take swift action and reassure foreign investors and buyers, whose confidence has been shaken by the current law and order situation.

After the meeting, Mahbubur Rahman told TBS that the chief adviser will sit with foreign investors and buyer representatives to address their concerns.

"With the intent of diverting export orders to other countries, negative campaigns are being spread about Bangladesh, including claims that factories are not operating due to the gas and electricity crisis, the persecution of minorities and a chaotic law and order situation," he said.

"He [the chief adviser] assured us that he will meet with foreign buyers to sway them not to shift their orders from Bangladesh based on these false reports or negative campaigns" ICCB president said.

AK Azad, vice president of ICCB and former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), also told TBS that the chief adviser has agreed to meet with the foreign buyers and investors.

"A lack of confidence still persists among foreign buyers because the law-and-order situation has not yet been fully restored yet," he said.

Foreigners in Bangladesh are concerned about their safety as police stations are not yet running at full capacity, AK Azad said, adding that during today's meeting, Dr Yunus assured trade leaders that the law-and-order situation would improve gradually.

Mohammed Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and representative of the country's largest export sector, told TBS, "He [Dr Yunus] has international acceptability, and we hope that we will be able to boost our global trade by leveraging his brand value."

After the meeting, a press release from the press wing of the chief adviser's office was sent to the media.

In the release, the chief adviser said that his administration inherited an economic mess, but he was confident the situation would soon improve with the introduction of vital reforms.

"It is a very difficult situation that we are in now. But it is also the biggest opportunity that we can get. Our job is difficult but very much doable," reads the release.

The chief adviser said, "If Bangladesh, as a nation, could collectively get over the mess, we will have the world's attention. The world will look to us for inspiration, and the world will want to do more business with us."

"The business leaders stated that the previous government left the country in a dire state. They emphasised that deep reforms and restructuring are needed in the banking sector, revenue administration, education, and industry," reads the press release.

Businesses want a task force to address challenges

According to sources from the meeting, businesses have expressed concerns about the law-and-order situation and the emergence of new extortionist groups targeting business establishments.

"They [extortionists] visit every factory, demanding money by claiming that the previous group is no longer active, and insisting that they should now be recognized," said AK Azad. 

"These individuals remain unidentified and operate under the pretense of various groups and parties," he added.

Mohammed Hatem mentioned that they have requested the chief adviser to form a task force to address the various challenges facing the country's business sector, including issues related to banking and revenue administration.

He also said that "Export orders went down by about 20% due to the recent situation."