The country’s businessmen are now helpless as they struggle with high interest rates on bank loans, dollar shortages, energy crises, security concerns, cases, attacks, and many more problems. Industrialists have become perplexed as they are not getting any assistance in this situation.
Having invested thousands of billions of Taka to establish industries, businessmen are now deeply worried and anxious. They said that no new investment is being made in the country. Employment will not be created without investment. Due to various decisions imposed by the previous Awami League government, they are now facing an adverse situation. State-sponsored bank looting has taken place. The Hasina government has left the economy in a state of emptiness including the dollar crisis. As a result, the businessmen are suffering most.
Bank loan interest rates have surged from 9 per cent to 14.5 per cent. Apart from this, the interim government is not discussing with businessmen on any issues. If discussions were held before making decisions, many problems could have been mitigated. Businessmen said previous political governments used to listen to business owners. But the interim government is keeping a distance from them.
Financial analyst and member of the 'selection committee for policy support to restructure businesses and financial management' Mamun Rashid said, "Industrialists must be reassured. Especially, the government must take a firm stand against any vandalism or anarchy in their factories."
According to the businessmen, banks have also invested in industrial factories established with thousands of crore of Taka. If the government doesn’t favour them, their businesses will be shut down leading to job losses on a massive scale. As a result, banks will not be able to recover their loan instalments. Considering such risks, many businessmen were compelled to side with the previous Awami League government to protect their industries. They don’t do any politics. They become scapegoats of the government after falling victim to the tricks of corrupt politics. Those who have invested billions of Taka, created employment for millions of people and contributed significant revenue to the government are now vulnerable. They are viewed with suspicion instead of providing government support. They claimed that businessmen have no political affiliations. Some businessmen were forced to work with the previous government to safeguard their industries. They still now will give priority to the well-being of the country, the economy, and the country’s people. They want to work with all governments. But whichever government comes to power, they think that the businessmen are the supporters of the previous government. Businessmen have termed this as a misconception.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) former president Fazlul Haque in this regard said, “All businesspersons in the society are not bad. All are not thieves. There are good ones too. Participatory decisions could be taken with them. This interim government has not given as much importance to trade and the economy as it should have. The government has no focus on business. Rising utility costs amid the power and energy crisis and the initiative to raise prices further are pushing away foreign investment. Decisions are being made arbitrarily without proper evaluation taking time of 7-10 days. The impact of any decision should be reviewed in advance. By doing this, instability would not have been created.”
Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh, said that doubling gas prices during a challenging period will increase production costs in manufacturing sectors. It will reduce competitiveness capacity. New investments will also be affected by this. If gas prices rise further, many industries will shut down, leading to an increase in non-performing loans.
bd-pratidin/GR
