Businesses urge immediate restoration of law, order and economic stability
Staff Reporter :
Dhaka Chamber of Commerce and Industry (DCCI) and the American Apparel & Footwear Association (AAFA), have called for immediate action to restore law and order across Bangladesh.
They advocate for the prompt formation and lawful declaration of an interim government to address the current instability and its adverse effects on the economy.
In a statement issued on Tuesday, the DCCI emphasised the urgent need to reinstate law and order in Dhaka and throughout the country. They have urged all relevant parties to take necessary measures to stabilise the situation and mitigate the ongoing economic damages.
The statement from the DCCI underscored the severe impact of recent political unrest, which has significantly disrupted nationwide economic operations.
“The recent anarchy has taken a huge toll on our lives and economy, disrupting living and economic conditions. Unless effective measures are taken, supply chain disruptions will exacerbate public suffering,” the statement read.
The DCCI has pledged to collaborate closely with all relevant stakeholders, including the forthcoming interim government, to resolve the current deadlock and foster the much-needed prosperity for the nation.
Similarly, the American Apparel & Footwear Association (AAFA) has expressed hope for a swift return to normalcy in Bangladesh, which is the third-largest supplier of goods to the United States.
“We are heartbroken by the ongoing tragedy in Bangladesh that has claimed hundreds of lives. We continue to urge calm and implore all sides to come together peacefully so that we can collectively move past this crisis,” stated Steve Lamar, President and CEO of AAFA.
Lamar emphasised the importance of maintaining democratic institutions and ensuring stability, noting that these are crucial for supporting the lives and livelihoods of Bangladeshi citizens. “It is imperative that full democratic institutions be maintained and stability assured; these are key steps in supporting the lives and livelihoods of Bangladeshi citizens and ensuring short-term disruptions will indeed be temporary,” Lamar added.
The AAFA’s statement on August 5 followed the resignation of Prime Minister Sheikh Hasina amid the ongoing political turmoil. As Bangladesh is a significant supplier of garments and an emerging source of footwear and travel goods for the United States, the situation has drawn considerable concern from American retailers and brands.
The United States remains the largest export destination for Bangladesh, with American clothing retailers heavily reliant on Bangladeshi apparel. Currently, local garment makers face a 15.62 per cent duty on exports to the US market. Bangladesh ships goods worth over $10 billion annually to the USA, over 95 per cent of which are apparel items.