The recent student protests and ensuing violence have inflicted substantial damage on businesses, prompting a range of demands from traders to mitigate the losses. The export sector, in particular, is under significant pressure, while industries reliant on raw material imports face uncertainty. Small traders in the banking sector are also grappling with loan pressures. The question now is, how will the business community recover from these setbacks?
Ali Reza Iftekhar, Managing Director and CEO of Eastern Bank PLC, acknowledged that some small customers have incurred losses and have requested extensions on their installment periods. "According to the situation, the bank will support them," he said. However, he added, "I don't think the big companies who are with us have suffered significant losses. It's the small shop owners and traders who have been hit harder. Importers are facing some delays, but we haven't received major loss complaints from our large customers."
Former President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Farooq Hasan, highlighted the ongoing challenges facing the business sector. "The business situation has been deteriorating for the past few months, and this movement has further delayed operations," he said.
Hasan stressed the need for increased bank support and flexible facilities to aid recovery. He also underscored the importance of uninterrupted gas and electricity supplies for production. "We are still struggling with gas and electricity shortages. If these two services are provided consistently, we will be able to recover to some extent," he noted.
Hasan also pointed to the need for simplified customs processes. "International trade is becoming easier, but ours is getting more complicated. If bank facilities are increased, it will be easier to turn around," he said.
He mentioned that many shipments have been delayed due to low gas pressure and electricity issues, causing backlogs in the garment industry. "The loss of communication during this time has caused significant damage. Communication is crucial for business, and the crisis has hurt our image branding to buyers."
Ashraf Ahmed, President of the Dhaka Chamber of Commerce and Industry (DCCI), stated that businesses have suffered substantial losses due to the violence. In an interview with Bangladesh Pratidin, he outlined several demands made to the government to address the damage. "We requested a waiver of port demurrage charges, which the government accepted. We have also demanded special concessions on trade. If these advantages are given, trade will progress," he said.
Ahmed emphasized the need to work at full capacity to overcome the losses, including working on holidays. "If we don't take action, we can't overcome the damage. We need to extend our working hours or work on closed days to recover," he said.
He estimated that the turnover for the entire year would be impacted by 3 percent due to the closure of industrial establishments. "It remains to be seen what percentage we can recover. For this, we have to work at full speed for the remaining 11 months," he concluded.
(The article was published on print and online versions of The Bangladesh Pratidin on August 3, 2024, and has been rewritten in English by Tanvir Raihan.)
