Ongoing Destruction Risks Foreign Investment Exodus

Dr. M M Akash, an economist and intellectual. The former professor of the Economics Department at Dhaka University spoke with Views Bangladesh about the destructive activities in various industries following the mass uprising, Bangladesh's inclusion in the US travel ban red list, and the issue of changing the national anthem. In an interview conducted by economics writer M A Khaleque and Girish Goiric, Associate Editor of Views Bangladesh, Dr. Akash addressed several pressing issues.

Views Bangladesh: It is frequently observed that when a government changes through a mass movement in the country, there is a tendency for widespread destructive activities. This time, the situation was no different; people gathered at various locations and attacked industries and the homes of leaders. What do you believe is the cause of such actions?
Dr. M M Akash: The destructive activities that follow political upheavals can often be attributed to a mix of frustration, anger, and a desire for retribution. When people engage in mass movements, their dissatisfaction with the status quo drives them to target symbols of the old regime, including industries and the residences of political figures. This phenomenon is rooted in the profound sense of injustice felt by the masses, who may see these actions as a way to express their grievances and seek accountability.

However, if such activities continue unabated, it suggests that there may be specific groups behind them who wish to exploit the chaos to further their own selfish interests. Alternatively, identified criminals might also be responsible. As the saying goes, when someone’s house is on fire, opportunistic individuals may take the chance to roast potatoes. Nevertheless, incidents of prolonged discontent spanning over a month are not very common.

Views Bangladesh: Recently, the US State Department released a list of 21 countries, including Bangladesh, which are subject to US travel restrictions. How do you think this will affect Bangladesh's international image?
Dr. M M Akash: Bangladesh's inclusion on the US travel restriction list will likely damage its international image. The countries featured on this list are often perceived as having political and social instability. Foreign investors carefully evaluate the political and social conditions of a country before committing to long-term investments. They seek stability to ensure their capital and personnel are secure.

Being on this list can cast doubt on Bangladesh's security standards and suggest that its political and social environment is not yet stable. As a result, foreign investors might adopt a cautious approach, potentially slowing down investment and trade with Bangladesh. Even though an interim government is currently in power and Bangladesh may be on a path to greater stability, the perception of instability could be reinforced by the US travel restrictions. This negative perception can have a lasting impact, influencing investor confidence and international relations.

Views Bangladesh: There are proposals to change the National Anthem following the recent government transition through a student movement. What are your thoughts on this?
Dr. M M Akash: The matter of our National Anthem was settled shortly after independence, and any attempt to revisit this issue seems unnecessary. The National Anthem, along with the national flag was determined as part of our national identity early on. Raising new debates on these settled issues is not applauded.
Furthermore, there are discussions about rewriting the Constitution, which, in my view, should not be entertained lightly. The basic principles of our Constitution, including the protection of fundamental human rights, are fundamental and should remain beyond the reach of arbitrary changes. Although some articles of the Constitution have been altered during various military and dictatorial regimes, these changes were not based on genuine public consensus. Certain core elements, like the national flag and anthem, have remained intact even under authoritarian rule.
At this stage, advocating for a change in the National Anthem may serve as a distraction or a pretext for deeper agendas. There is a possibility that such proposals could be part of a broader strategy to shift the country towards a religion-based state, using seemingly innocuous changes as a cover for more significant shifts.