Prominent industrialists of the nation supports the government

 Prominent industrialists of the nation have rallied in support of the government against the purported transgressions by the BNP-Jamaat coalition, who are allegedly exploiting the student quota reform agitation. These magnates have unequivocally aligned themselves with Prime Minister Sheikh Hasina, asserting their commitment to advancing Bangladesh. They proclaimed that, from Teknaf to Tentulia, a staggering three crore entrepreneurs stand steadfastly with Prime Minister Sheikh Hasina, mirroring past loyalties and pledging their unwavering support in the quest for a prosperous and Smart Bangladesh.

This endorsement came during a discourse at the Prime Minister's Office, where influential figures from various paramount trade associations assured the Prime Minister of their allegiance. Mahbubul Alam, the President of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), the preeminent trade organization, articulated, "Over three crore entrepreneurs, spanning from Teknaf to Tentulia, have historically supported you, Prime Minister. We continue to do so and shall remain by your side in the future as well." He extolled Sheikh Hasina’s tenure, noting the transformation of Bangladesh’s economy from a mere $70 billion GDP to a robust $400 billion GDP. "You have consistently met our demands, emphasizing that while the government does not engage in business, it facilitates business activities, which you have diligently done for us." Addressing the nationwide turmoil incited by the BNP-Jamaat, the FBCCI President remarked that the vanquished factions of 1971 are discomfited by infrastructural advancements such as the metro rail, Bangabandhu tunnel, and Padma Bridge. "They aim to render Bangladesh a failed state," he lamented.

SM Mannan Kochi, President of the BGMEA, acknowledged the Prime Minister’s support during crises such as the COVID-19 pandemic, reiterating their allegiance amid the current upheaval orchestrated by the BNP-Jamaat faction under the guise of the student quota reform movement to destabilize the nation and harm Prime Minister Sheikh Hasina. "We will stand by you, Sheikh Hasina, even at the cost of our lives, as your love for the country and its people has elevated Bangladesh to a developing nation," he affirmed. He reiterated the BGMEA’s continued support for the Prime Minister.

Nazrul Islam Majumdar, President of the Bankers Association of Bangladesh (BAB), condemned the chaos and violence as disgraceful and detrimental to the nation, labeling it an orchestrated crime. "BAB has always supported you, Prime Minister, and will continue to do so. We are committed to realizing all your initiatives," he declared. Helal Uddin, President of the Shop Owners' Association, reaffirmed their trust in the Prime Minister, expressing confidence in her ability to restore a conducive environment for traders, dubbing her a "crisis master."

Syed Nasim Manzoor, President of the Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh, called on the Prime Minister to ensure the anarchists face legal consequences and appropriate punishment. Ahmed Akbar Sobhan, Chairman of Basundhara Group, emphasized the need for stringent action against the BNP-Jamaat anarchists, arguing that past punitive measures could have prevented the current unrest.

The session was moderated by PM's Adviser Salman F Rahman.

Global economic prosperity hinges on openness and free trade

Prime Minister’s Adviser on Private Industry and Investment, Salman F Rahman, highlighted the detrimental effects of protectionism and sanctions, alongside counter-sanctions, on trade for nations such as Bangladesh.

"There exists a notion that open markets foster success and that global economic prosperity hinges on openness and free trade. Regrettably, we now witness numerous blocs adopting protectionism, a growing trend that poses significant concerns for countries like Bangladesh," Rahman stated. These remarks were made during his speech as the chief guest at the inauguration of the BASIS America Desk in Dhaka with US Ambassador to Bangladesh, Peter D Haas, as the special guest. The ceremony was organized by the Bangladesh Association of Software and Information Services (BASIS).

Rahman reiterated Bangladesh’s staunch support for open trade and global trade integration. "However, the prevalence of sanctions and counter-sanctions, particularly in the context of the Russia-Ukraine conflict, is impeding open trade. These measures are creating substantial obstacles to globalization and free trade," he observed. He urged Bangladesh, as a developing nation, to remain vigilant regarding these issues.

Rahman emphasized Bangladesh's proactive and supportive policy towards ICT exports, while also stressing the necessity for continual learning and skill enhancement to keep up with rapid sectoral changes. He called on successful BASIS members to mentor new and upcoming members by sharing knowledge, thereby enhancing their export competitiveness through continuous improvement and innovation. The adviser pointed out the significant power requirements for data centers, quantum computing, and big data analytics, urging Bangladesh to prepare accordingly. Rahman expressed optimism that the America Desk would help the ICT sector achieve $5 billion in exports.

US Ambassador Peter D Haas advocated for open markets to bolster bilateral ties. "It is evident that open markets are essential for increasing export and import activities," he said. He highlighted that countries fostering open trade, encouraging competition, supporting free information flow, and adhering to rules that create a level playing field are more attractive to investors.

Ambassador Haas noted that Bangladesh's low-cost service environment could be leveraged through smart, innovative, and internationally compatible ICT policies. "If your competitive edge is cost-effectiveness, you must ensure your quality matches or exceeds that of your closest competitors," he remarked. Haas emphasized that price alone is not a sustainable competitive advantage; top firms consistently innovate to maintain or enhance their market position. He also underscored the importance of integrating with the global financial market, advocating for a financial system that welcomes foreign investment and facilitates business operations. The ambassador stressed that human talent is the most valuable asset in business.

He advised BASIS members to recognize that they compete with the world’s largest and most competitive single market, which operates under established rules that Bangladeshi businesses must follow to remain competitive. Haas called for internationally compatible digital policies to connect local ICT entrepreneurs with companies in the US and other countries, warning that restrictive policies would hinder competitiveness and prevent Bangladesh from showcasing its capabilities. He lauded the establishment of the America Desk as a significant step towards enhancing ICT trade between the US and Bangladesh, with both countries aiming to deepen their partnership through business collaborations.

BASIS President Russell T Ahmed presented a strategic vision for the BASIS America Desk and announced that this year’s BASIS SoftExpo will take place on November 27, expressing hope that leading American technology companies will participate. Ahmed highlighted the potential for BASIS members to generate $5 billion in export revenue from the US market alone.

In a video message, State Minister for Posts, Telecommunications, and Information Technology Zunaid Ahmed Palak hailed the launch of the BASIS America Desk as a pivotal development for strengthening Bangladesh’s IT sector and positioning the country as a global IT hub. He emphasized that this platform would facilitate robust business relationships between IT organizations.