“Second liberation.” That’s how Professor Muhammad Yunus, the new leader of Bangladesh’s transitional government, described the historic events unfolding in the country.
After decades of dictatorial rule, millions of people have taken to the streets in villages, towns and cities in recent weeks. They are fed up with the corruption, nepotism and repression presided over by former Prime Minister Sheikh Hasina, who has reportedly fled to Delhi. As we have seen time and again in countries around the world, young people in particular are demanding their democratic rights.
I have visited Bangladesh many times and gotten to know the country well, primarily during my time as CEO of Unilever, which grew to become Bangladesh’s largest consumer goods company. Professor Yunus is a Nobel Peace Prize winner and the father of microfinance for entrepreneurs who would not normally be able to get credit. I am fortunate to call Professor Yunus a friend, and he is credited with lifting millions out of poverty and promoting grassroots-led development.
But in recent years he has faced relentless, politically motivated persecution by the corrupt regime of Sheikh Hasina, who sees him as a threat and has implicated him in one spurious case after another.
Now, with widespread support at home and abroad, his job is to steer Bangladesh through fair and transparent elections that he hopes will take the country an irreversible step towards a democratic future.
CEOs of major companies around the world will be watching closely: Bangladesh is one of the fastest growing economies in the region, even surpassing India.
But the international business community cannot sit idly by and watch: it should actively support the country’s new trajectory. A free, stable and prosperous Bangladesh is good for the world and good for the companies that do business there.
The country has a population of 170 million, two-thirds of whom are young, and many of the protesters are educated, professional and digitally savvy, which exacerbates their frustration as they see their country’s incredible potential.
Bangladesh’s economy faces serious challenges, notably persistent inflation and a high external debt that has doubled since 2016. Reversing the economic mismanagement of the previous government will take a long time.
Yet growth prospects are proving surprisingly robust, even in the wake of the COVID-19 pandemic. Per capita income has tripled in the past decade, and growth has been driven by a garment industry that supplies markets around the world. Bangladesh is a long-awaited economic powerhouse that can unlock its full potential with a bold and comprehensive political and economic reform program.
In the short term, companies that are expanding can help the caretaker government restore stability and get the economy on track again. When factories and offices are closed and days go by without orders, ordinary people suffer. Reopening for business will demonstrate confidence in Dhaka’s caretaker government and its commitment to democratic restoration. So too will encouraging foreign investment. Now is the time to invest in new and existing operations, especially to create quality jobs. In doing so, you will not only be investing in your business, but also in strengthening Bangladesh’s economic prospects at a critical time, maximizing your returns.
In particular, the country is in urgent need of more support on climate change. Despite being a world leader in adapting, or tackling the effects of global warming, it is consistently listed as one of the most vulnerable countries in the world. Its geography makes it susceptible to natural disasters and extreme weather events such as floods, cyclones and droughts, which are increasing at an alarming rate.
However, Bangladesh struggles to secure international support, including access to climate finance. Without stronger climate action, economic gains risk being wiped out by the rising costs of environmental disasters. Support for mitigating climate risks is essential to the country’s economy and prosperity, and increased private capital will play a key role.
Importantly, the private sector can also use its voice to actively support the efforts of Bangladeshi authorities and people to rebuild the country’s democratic institutions, tax system, and rule of law. Don’t be silent or stand by. CEOs can publicly and privately advocate for the reforms needed to root out endemic corruption and rebuild public trust in the state and industry.
No one knows what the future holds. The country is at a crossroads, but there is an air of optimism. Professor Yunus speaks of the country moving towards the “triple zeros”: net zero carbon emissions, zero wealth concentration and zero unemployment. It may be overly ambitious, but perhaps this level of vision is exactly what Bangladesh, and many other governments, need.
In a year packed with elections, the events of the past week are a reminder of how hard it is for authoritarian regimes to crush hope. People around the world, especially young people, want to define their own future and live in a society of opportunity. It is up to all of us to stand with them and with Bangladesh as it moves forward.
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