“A second liberation.” This is how the new leader of Bangladesh’s interim government, Professor Muhammad Yunus, has described the historic events that are unfolding in the country.
In recent weeks, after decades of autocratic rule, millions of people have taken to the streets in villages, towns, and cities. They have had enough of the corruption, cronyism, and oppression overseen by former Prime Minister Sheikh Hasina, who has fled, we are told, to Delhi. As we see again and again, in nations around the world, young people especially are demanding their democratic rights.
I visited Bangladesh many times and got to know the country well, primarily when I was CEO of Unilever, which we built into the biggest consumer goods company operating there. Professor Yunus is a Nobel Peace Prize laureate and the father of microfinance for entrepreneurs who would not normally qualify for loans. Yunus, who I am lucky to call a friend, has been credited with lifting millions out of poverty and driving grassroots-led development.
Yet, in recent years, he has suffered relentless politically motivated persecution by Sheikh Hasina’s corrupt regime. Seen as a threat, she has embroiled him in one bogus court case after another.
Now, with wide support in and out of the country, his job is to lead Bangladesh through fair and transparent elections, as the country takes what we hope will be an irreversible step toward its democratic future.
CEOs of major companies around the world will be carefully watching: Bangladesh is one of the fastest-growing economies in the region, even surpassing India.
However, the international business community should do more than watch. We can actively support the country on its new trajectory. A free, stable, and thriving Bangladesh is good for the world, and certainly good for the companies operating there.
This is a country of 170 million people, two-thirds of which are young. Many of those who protested are educated, professional, and digitally savvy whose frustration is heightened because they see their nation’s stunning potential.
The economy of Bangladesh faces serious challenges, not least persistently high inflation and heavy foreign debt, which has doubled since 2016. The economic mismanagement of the previous regime will take some undoing.
But growth prospects have proven surprisingly resilient, even after the COVID-19 pandemic. Per capita income has tripled in the last decade, and growth has been…
Click Here to Read the Full Original Article at Fortune | FORTUNE…
