Bangladesh’s economy has been severely damaged by the current shutdown, with estimated losses exceeding US $ 10 billion and still rising, according to the Foreign Investors Chamber of Commerce & Industries (FICCI).
“Numerous existing investors are currently feeling uncertainty as they aim to resume regular operations, but challenges and inefficiencies of goods release, running operations, and physical reach are driving up the cost of business,” stated Zaved Akhtar, president of FICCI.
FICCI’s observation was made during a week marked by turmoil brought on by the agitation for quota reform, the curfew that was imposed afterward, and a five-day internet shutdown.
The remarks were made in a document sent to Salman F. Rahman, the Prime Minister’s advisor on investments and the private sector, who met with prominent business figures on Sunday at the Bangladesh Investment Development Authority in Dhaka.
The FICCI president said the investors are the most powerful advocates for attracting foreign direct investment. “There has never been a more important moment than now to protect their need,” he said urging the authorities to address those.
He stressed the need to resume full mobile data connectivity, saying it is critical for fast-moving consumer goods, logistics, health insurance, banking, IT & technology companies, mobile companies, testing & inspection companies, energy & power, and others.
“Bringing full confidence back in safety and security to instil conviction with local and expatriate employees is critical,” he said.
“Lifting of curfew and resumption of normal operations will be a critical enabler.”
Zaved, also the chairman and managing director of Unilever Bangladesh Ltd., requested quicker port releases and outbound shipping of commodities to lower operating expenses.
The FICCI requested that all demurrages for products held since July 18 be waived.
“Smoothening the Authorized Economic Operator approval process will help a lot in reducing port congestion & demurrage impact,” it said.
