Business leaders hail BNP victory as catalyst for economic stability
They say the transition will bolster confidence among local and foreign investors and provide a much-needed signal for economic stability
Highlights:
- They say smooth polls ease political uncertainty
- Business leaders signal relief, investor confidence
- Credible vote seen boosting global trust
- Leaders call for action on law and order, corruption
Following the decisive victory of the BNP in the 13th national election, business leaders have expressed strong optimism that the transition will bolster confidence among local and foreign investors and provide a much-needed signal for economic stability.
Leaders of the country's top trade bodies note that the relatively controversy-free nature of the 12 February polls has successfully mitigated long-standing political uncertainty. They argued that the outcome provides a predictable environment for trade, particularly following a period when investor confidence has been fragile.
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The BNP-led alliance secured an overwhelming majority in the election and is set to form the government.
Anwar-Ul Alam Chowdhury (Parvez), president of the Bangladesh Chamber of Industries (BCI), told The Business Standard that the business community is largely relieved.
"We are relieved of the uncertainty over whether the election would take place or whether it would be conducted properly. Moreover, the victory of a liberal, centrist party like the BNP, instead of hardline Islamist forces, will send a positive message to businesses and the wider international community," Parvez said.
Highlighting the global implications, he said the election outcome would help restore confidence abroad, which he described as critically important at this time.
"Had the election been flawed, the government might have faced difficulties within a year or so. But a credible vote suggests that the government is more likely to complete its full term," the BCI president added.
Parvez, who previously served as the president of the BGMEA, identified the new government's biggest challenges as restoring law and order, preventing what he described as "mob culture," and taking decisive action against corruption, extortion and illegal occupation.
The BCI president also expressed hope that a strong opposition presence in parliament would keep the government under pressure on governance-related issues.
Fazlee Shamim Ehsan, president of the Bangladesh Employers Federation, shared similar views, saying that a credible election and the victory of a moderate political force would be viewed positively by foreign stakeholders.
He noted that a disputed or chaotic election could have placed the new government under immediate strain and undermined business confidence. "Since the election has been widely accepted, it has brought a degree of comfort to the business community."
Ehsan, also executive president of the Bangladesh Knitwear Manufacturers and Exporters Association, added that sustained confidence among domestic and foreign businesses and investors will largely depend on how the new government addresses law and order, extortion, and corruption.
Stressing the importance of foreign relations, he said, "International relations cannot function amid mob culture. Bangladesh should now focus on improving ties with neighbouring countries and the global community."
