Tehran has invited Western companies to seize opportunities available in Iran, the resourceful Persian Gulf country which remained isolated from the West due to decades of hostilities. Iran’s new President Hassan Rouhani made the call at the World Economic Forum in Davos recently, expressing determination to negotiate a deal on a nuclear programme with major powers to develop its battered economy. This shows the primacy of business and development over other issues in the present-day world.
Dhaka, too, must uphold the national interests, accomplishing a two-fold task. First, the government and the opposition must hold constructive dialogue to resolve the political crisis, as all sides have reached a consensus on its relevance. The uneasy calm prevailing now will not help promote business and investment unless a long-lasting solution to the political impasse is struck. Secondly, following much damage to the business image, constructive engagements with the comity of nations should be maintained to regain the confidence of friends and development partners worldwide. We welcome the new Commerce Minister’s positive gesture in this regard.
In view of the situation, we have tried to revisit Bangladesh’s global standing, in our current issue. The country is dubbed a development puzzle for its resilience and also occasional uncertainties. The recent turmoil has triggered disturbing criticism about the country. However, defying all odds, Bangladesh remains a land of promises for business.
We cannot turn our eyes away from the harsh realities of the day. Rather we believe we should assess our strengths and weaknesses to perform better. Thus, our special report has focused on the banking sector, where it is said that the ongoing political crisis has resulted in a halt in investment, pushing the banking sector into a state of crisis. The banks are sitting on excess liquidity of more than Tk. 86,000 crore. The declining investment trends have also been reflected in another article ‘Investments declining, confidence missing’.
In the interview of the month, BGMEA President Atiqul Islam called for steps to restore business confidence and the country’s international image, disseminating the message that ‘Bangladesh is back to business.’ In the guest column, Dr. Zahid Hussain raised a serious question with his title ‘What Prevents Collective Business Response to Political Adversities?’ However, Dr Hossain Zillur Rahman, in his regular column Creating Opportunities, has regretted certain deficiencies in social role models and in some cases their lack of recognition. He also said that we need to recognise social role models ‘for our collective social interests and develop a culture of mutual respect’.
In the ongoing Dhaka International Trade Fair, we have noticed a lack lustre mood among both the sellers and consumers. International institutions, reputed economists and corporate bosses have cautioned about the risks of growth, including political turmoil and budgetary issues in emerging markets like ours. This is high time we have created a business-friendly environment by ensuring political stability.
