Extortion, vandalism new threat

As law and order deteriorated following the fall of Sheikh Hasina-led government, trade and business establishments started to be targeted by extortionists and vandals, which is really reprehensible, said a top businessperson yesterday.

"I vehemently condemn the extortion," said Mir Nasir Hossain, a former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

He was addressing a conference on "overall business situation and future action" organised by the business community at Pan Pacific Sonargaon Dhaka.

Business has been destroyed due to malpractices of the National Board of Revenue and reforms are immediately required in the greater interest of business and national economy, he said.

The trade bodies were partisan in nature, for which they never fulfilled expectations of the business community, said Hossain further.

Abdul Awal Mintoo, a former FBCCI president, urged the business community to leave behind all conflict and rivalry to eliminate misunderstandings among themselves.

"I have got a number of complaints from businesspeople over discrimination. Now we should work jointly forgetting party and political mindsets in the interest of business," he said.

"I was elected president of the FBCCI several times irrespective of whether the Awami League or Bangladesh Nationalist Party was in power and nobody can accuse me of using the trade body to serve political interests," claimed Mintoo.

He also urged businesspeople to forget political identities and work as business leaders in the interest of business.

Any leader who fails to solve the problems of the businesspeople should step down, he said.

He said a democratic government was required, elected through a free and fair election, which would be a blessing for the business community.

Mintoo urged the current interim government to immediately bring about reforms in some business-oriented institutions.

He also alleged that people could not cast their vote over the years and now the country was devoid of politics yet still running.

During the last three years, economic growth witnessed a downtrend and investment was in the negative, he said.

Besides, high inflation, particularly food inflation, created pressure on low-income people as they had to spend the lion's share of their income to purchase food, he said.

He further alleged that a number of people became rich without investing in ventures which create employment.

"We are now able to speak freely because of those who were martyred recently, including quota protester Abu Sayed and Mir Mahfuzur Rahman Mugdho," said AK Azad, another former FBCCI president and chairman and CEO of Ha-Meem Group.

"The countries where we export our products are worried sickover whether we can properly reach them their goods. Because there have been incidents of vandalism and arson in many factories," he said.

"We told them that the army has taken up the responsibility of providing security. All the problem will be resolved after some days. There is nothing to be worried about. But they still can't believe it," he added.

In this situation, about 20 percent of the potential work orders has been cancelled, he said.

"I would like to request the business leaders to discuss the matter with the interim government as soon as possible," he added.

Tapan Chowdhury, managing director of Square Pharmaceuticals PLC and director of Square Group, said business and trade would continue to suffer until businesspeople stop resorting to political cronyism.

"Business is passing through a transitional period but we are yet to come out of political cronyism," he said.

Ashraf Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI), emphasized the restoration of law and order for the return of normalcy to business.

Showkat Aziz Russell, president of Bangladesh Textile Mills Association, said, "The duty of the police is to ensure our security as well as protecting us from various dangers. But they were never on our side."

"The police have never been our friend. They harassed us in various ways. This aspect should change," he said.

A number of businesspeople demanded abolishing the boards of directors of all trade bodies as those people had lost the moral grounds to keep holding on to their designations.

The event was presided over by Mahbubur Rahman, president of the International Chamber of Commerce Bangladesh.

Jashim Uddin, a former FBCCI president, Kamal Uddin Ahmed and Abul Kashem Haider, former FBCCI vice presidents, Quazi Moniruzzaman, a former president of the Bangladesh Garment Manufacturers and Exporters Association, and Md Sabur Khan, a former DCCI president, addressed the conference.