FBCCI urges all to shun hartals, blockades to maintain economic stability

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called upon all concerned to shun hartals, blockades and any intolerant political programme in order to maintain the economic stability of the country. 

The country's apex trade body also expressed deep concern about the country's business, trade and economic situation amid the current political violence.

In a statement issued today, the FBCCI said the long-standing Covid-19 pandemic across the globe alongside the impacts of the Russia-Ukraine war have had a long-term negative impact on the global economy.

"It has also affected the economy of Bangladesh. In addition to the damage to global supply chains, the dollar crisis, rising fuel prices and rising transportation costs have resulted in an abnormal increase in the cost of doing business," the statement reads.

The FBCCI said the drop in imports has already reduced production and hampered exports. 

"This has adversely affected the overall economic activity. Meanwhile, the newly added Gaza-Israel war situation has made the country's economic activities more fragile," it added.

In this situation, the FBCCI thinks political unrest including hartals and blockades in the country are pushing the national economy towards an alarming situation.

The FBCCI said hartals and blockade programme called by various political parties is severely disrupting the supply chain which already has an impact on the market price of commodities and also on exports.

"Entrepreneurs will be at risk of canceling their procurement order if they are unable to ship their products on time. Apart from these, the higher prices of all commodities including essential items will affect the common people," the organisation said.

Noting that programmes like hartals and blockades will send a negative message about Bangladesh abroad, the apex trade body said if such situation continues, the foreigners would lose interest in investing in Bangladesh.

On the other hand, disruption of production will result in factory closures while employments would be at stake, which is not at all desirable. 

"Not only this, if the political instability continues, then the amount of loan defaulters would be on the rise. Besides, the scope for new employment opportunities would be eroded," it said.

According to experts, the FBCCI said one day of hartal or blockade causes a loss of about Tk6,500 crore to the country's economy. An emerging economy like Bangladesh will not be able to bear the brunt if intolerant programmes like hartals and blockades continue.

It said businessmen, entrepreneurs do not want hartal, blockade and any violent program, rather they want political stability as because without it, the economic development of the country cannot be sustained.