The country’s businesses expressed optimism that the transition to a political government would boost confidence among local and foreign investors and buyers following the Bangladesh Nationalist Party’s decisive victory in the 13th national election.
They also stated that the formation of a political government would provide a predictable environment for trade, particularly following a period when investor confidence has been fragile and buyers went a ‘go slow’ policy.
On Thursday, voting in the national polls concluded without major controversy, and the Tarique Rahman-led BNP clinched victory in 212 out of 299 parliamentary seats, claiming an absolute majority.
Showkat Aziz Russell, president of the Bangladesh Textile Mills Association, said that the new government would play an effective role in addressing industry challenges, particularly in the textile sector.
The government would also focus on promoting investment, sustainable economic growth, business-friendly environment and policies, he added.
He also said the elected government would work to address the energy and fuel crises and restore a stable law-and-order situation.
He also said that BTMA vice-president Md Abul Kalam, director Afroza Khanam Rita and members SM Faisal and Manjur Elahi have been elected as members of the parliament from Cumilla-9, Manikganj-3, Habiganj-4, and Narsingdi-3 constituencies respectively.
He expressed hope that the MPs would fulfil their responsibilities carefully in parliament and work to establish a fair business environment.
Taskeen Ahmed, president of the Dhaka Chamber of Commerce and Industry, said that it was a welcome sign of stability for everyone, as the country was set to receive a democratic government, boosting confidence across society.
‘However, the new government would face several challenges in the coming days,’ he added, urging that they should prioritise maintaining law and order and immediately curb extortion to restore and strengthen business confidence.
Moreover, ensuring a smooth energy supply and implementing banking-sector reforms are crucial to the country’s economic recovery, he added.
He also said that the government should take appropriate steps to address these issues through consultations with the business community, as the business community was integral to the overall development process.
Fazlee Shamim Ehsan, executive president of the Bangladesh Knitwear Manu facturers and Exporters Association, said that a credible election and the victory of a moderate political force would be viewed positively by foreign stakeholders.
He also said that any disputed or chaotic election could have placed the new government under immediate strain and undermined business confidence; however, as the election had been widely accepted, it would bring comfort to the businesses.
He said that the government must restore a stable law-and-order situation, as global relations could not function amid mob culture.
He also urged the new government to focus on improving ties with neighbouring countries and the global community.
‘Sustained confidence among domestic and foreign businesses and investors would depend on how the new government addresses law and order, extortion and corruption,’ he added.
Shams Mahmud, president of the Bangladesh-Thai Chamber of Commerce and Industry, said that the BNP’s victory with an absolute majority would help bring stability to the government.
He also said that neither the previous government nor the interim administration adequately addressed macroeconomic challenges to provide relief to businesses, making the business environment increasingly difficult.
‘The new government might inherit challenges such as energy shortages and a dollar crisis,’ he added, saying that the government should focus on restoring investor confidence, both domestically and internationally, while also bringing inflation under control, a major challenge for the new administration.
Mahmud, also managing director of Shasha Denims, expressed hope that the new administration would help create a stable business environment.
‘We hope that the government would also take business feedback into account before making major changes and any policies,’ he added.
Anwar-Ul Alam Chowdhury (Parvez), president of the Bangladesh Chamber of Industries, said that the business community was largely relieved following the completion of the national poll.
He also said that they went through a situation of uncertainty over whether the election would take place or whether it would be conducted properly.
However, the free and fair election held on Thursday would send a positive message to businesses and the international trading partners.
The election outcome would help restore confidence abroad, which was critically important at this time, he added, saying that if the election had been flawed, the government might have faced difficulties within a year or so.
However, a credible election suggested that the government was more likely to complete its full term, he added.
Regarding the challenges, he said that the new government’s biggest challenges would be restoring law and order, preventing ‘mob culture’ and taking decisive action against corruption, extortion and illegal occupation.
He also expressed optimism that a strong opposition presence in parliament would keep the government under pressure on governance-related issues.
