Shutdown cost the economy $10 billion: FICCI

The recent shutdown has caused significant damage to Bangladesh‍‍`s economy, with estimated losses exceeding $10 billion, according to the Foreign Investors Chamber of Commerce & Industries (FICCI).

FICCI President Zaved Akhtar highlighted that current investors are facing increasing uncertainty as they attempt to resume regular operations. Challenges such as inefficiencies in goods release, operational hurdles, and physical access issues are driving up business costs.

This situation follows a week of turmoil due to the quota reform movement, a curfew, and a five-day internet blackout. Akhtar made these comments in a submission to Salman F Rahman, the prime minister‍‍`s adviser on private industry and investment, during a meeting with business leaders at the Bangladesh Investment Development Authority in Dhaka on Monday.

“If we do not prioritize easing the business environment for our current investors, we risk deterring potential investors from viewing Bangladesh as a viable investment destination, especially during these challenging times,” Akhtar warned.

He stressed the critical role of investors in attracting foreign direct investment and urged authorities to address their concerns promptly. Akhtar emphasized the importance of restoring full mobile data connectivity, which is essential for industries such as fast-moving consumer goods, logistics, health insurance, banking, IT & technology, and energy & power.

“Rebuilding confidence in safety and security for both local and expatriate employees is crucial,” he said, adding that lifting the curfew and resuming normal operations are essential for recovery.

To mitigate business costs, Akhtar, who is also the chairman and managing director of Unilever Bangladesh Ltd, called for faster release of goods from ports and outbound shipments. He also urged the waiving of demurrage fees for goods not released since July 18 and recommended streamlining the Authorized Economic Operator approval process to alleviate port congestion and reduce demurrage impacts.