Some businesspeople have become victims of the same vicious political playbook that once brought ousted prime minister Sheikh Hasina’s peon couple, Jahangir and Kamrunnahar, into the limelight – dragging them down to criminal levels to make a point. On one hand, these individuals are praised as “real heroes” for driving the national economy through investment, entrepreneurship, and employment creation. On the other, they are being vilified by the very system that once hailed them.
As calls are made to stimulate investment and resuscitate the ailing economy, contradictory anti-investment actions are simultaneously being undertaken. Such glaring double standards have stunned many entrepreneurs – neither able to cry out in protest nor suffer in silence. A speechless sob is their only option.
Following the political changeover on 5 August 2024, a fresh wave of intimidation swept through business establishments.
Despite that, many persevered with heroic determination to survive. Yet again, their bank accounts are now being frozen. Already reeling from legal harassment, attacks, and orchestrated incidents, several industrial groups have shut down their factories. Specific vested quarters have carried out planned vandalism, protests, and assaults on factories. Additionally, indiscriminate lawsuits have been filed in bulk, forcing even more businesses to close down – rendering thousands of workers and staff jobless.
While reassurances have occasionally come from different corners of the government, promising an end to such repression and briefly sparking hope among entrepreneurs, a fresh blow has now struck like divine wrath: account freezes have been extended to their family members as well. This isn’t merely another insult added to injury – it’s an all-out social assassination.
The disgraceful branding of entire families has stripped these businesspeople of their dignity. The message is clear: they have no place in society. For the affected, this is not just economic persecution – it’s an act of social violence. It is deeply humiliating. Some can no longer face the public; they have withdrawn entirely. Many are now worried not about new investments, but about protecting their existing ones. Yet even speaking about this shame is too difficult.
It does not take an economic expert to understand that without investment and business expansion, an economy cannot grow. Any rational mind can see this. But the reality they are witnessing is the exact opposite. There is a serious lack of policies that would encourage investment. Long-term financing mechanisms in Bangladesh have long been flawed. On top of that, persistent barriers and political instability pose major threats to businesses – whether small or large.
While some have taken advantage through party affiliations and enjoyed benefits without investing, most businesspeople have invested significant capital and tried to create employment – only to struggle for survival. As a result, the majority of economic indicators are in decline. Business-related crises continue to worsen one after another.
Since the fall of the Awami League government on 5 August, several industrial units have shut down. Others, filled with potential, are unable to restart due to financial constraints. Rising interest rates, lack of loan support, and the ongoing funding crisis have robbed many business owners of their sleep.
No global investor wants to remain in such uncertainty – let alone face dishonour. Without investment, there is no employment. And given the prevailing situation, most local businesspeople are unwilling to speak out. Some are even avoiding seminars and public gatherings for fear of being tagged or trapped in some new controversy.
The environment necessary for investment, employment generation, and economic growth does not exist. Foreign investors – less constrained and more pragmatic – have frequently spoken about the poor investment climate at recent high-profile conferences. They’ve asked for capital protection and outlined potential, but have made no firm commitments.
Local businesspeople echo these concerns but are afraid to voice them publicly. Why is there a severe crisis in Bangladesh’s industrial zones? Why are vital sectors like steel, garments, textiles, and ceramics in Chattogram and Dhaka under existential threat? They know the inside story but remain silent.
Over the past seven or eight months, a relentless gas and power crisis – coupled with unchecked price hikes – has led to the closure of more than 50 factories, causing widespread job losses. Over a hundred investment projects remain stalled. While local businesspeople stay tight-lipped, foreign observers are not blind to these facts. They know that in 2023, gas prices rose by 178 percent, and in April 2025, by a further 33 percent. Electricity prices have increased nine times in the last 14 years – yet supply remains unreliable. No effective steps have been taken to address this.
Meanwhile, thick volumes of allegations are being compiled against businesspeople – money laundering, tax evasion, land grabbing, loan fraud, embezzlement, and illegal wealth accumulation. These charges are widely publicised even before any judicial process begins. Some are being punished outright. Even their wives, children, and relatives are being publicly defamed.
If solid evidence existed, then not only bank accounts but many other assets could rightfully be seized through lawful prosecution. But instead of a legal course, an authoritarian-style one-sided trial is underway – killing both business and honour in one stroke. The inevitable consequence: news of small and large factories and firms closing down. These small incidents rarely make it to the headlines. The weight of rising unemployment goes unnoticed at the moment. But across the country, joblessness is rampant and growing.
According to the Bangladesh Bureau of Statistics (BBS), from April to June this year, 2.64 million people are officially unemployed. The real figure is likely far higher – unaccounted for. Experts believe the number of “disguised unemployed” may be in the millions. As there is no acceptable definition of unemployment in the country, it’s difficult to measure its true extent.
As per the International Labour Organization (ILO), a person actively seeking work for 30 days but failing to work at least one hour in the last seven days is considered unemployed. The BBS uses the same metric, which paints a rosier picture than reality. Most employment is generated by the private sector. Government jobs account for only 3.8%, while private jobs account for 14.2%. Around 61% of employment comes from personal initiatives. The rest is scattered across other sectors.
Amid political turmoil and economic instability, businesses are shutting down, swelling the ranks of the unemployed. Since the change in government, sectors like ready-made garments are suffering from severe turmoil. Both owners and workers are victims of this crisis. It is hard for outsiders to grasp the extent of their suffering. Workers may cry out in desperation, but who will hear the silent cries of business owners?
When they are being crushed like cement under a relentless roller, where is the hope for future investment and employment?
What lies ahead is beyond their imagination. Businesspeople are struggling to keep their factories running, procure raw materials, and pay energy bills. Even those still employed are anxious. Many who’ve lost their jobs are now unable to pay rent. Markets are closing. The impact is already hitting the economy – and local communities. The unemployed are not staying home quietly; they are showing up at factories and workers’ homes, looking for a way forward.
This writer is a journalist, columnist and deputy head of news of BanglaVision.
