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Businesses want special flood insurance scheme from govt

STAR BUSINESS REPORT
Business leaders yesterday urged the government to launch a special flood insurance scheme for industries through the state-owned insurance company to help them cope with the recurrence of flooding.
As flood is a perennial problem in the country they said the government and the businesses should look for permanent ways to minimise losses caused by the natural calamity to industrial sector.
Sadharan Bima Corporation, the general insurance company under the Ministry of Commerce, may introduce scheme to provide insurance coverage especially to the factories vulnerable to flood damages, they said.
The suggestion came at a discussion on 'Post-flood Rehabilitation of the Business Enterprises' organised by Dhaka Chamber of Commerce and Industry (DCCI) in Dhaka. Commerce Minister Altaf Hossain Choudhury attended the meeting.
"With the record of high magnitude floods in 1954, 1955, 1974, 1987, 1988, 1998 and this year, we can say that Bangladesh is a highly flood risk country. So, business community needs permanent precautionary measures to manage the risk," DCCI President Fazle RM Hasan told the meeting.
He called for forming an inter-ministerial taskforce to assess the flood-related damages and help the affected industries especially the small and medium enterprises (SMEs), which do not have required strength to recuperate their losses.
The DCCI chief also urged the government to relieve duty on raw materials and machinery of flood-hit industries, extend time limit for loan payment, waive interest for three months and relieve demurrage charge for stranded goods at ports.
Sabur Khan, DCCI director and former president of Bangladesh Computer Samity, said every industry should take flood as a risk factor and get insurance coverage for it. "The government can initiate flood insurance scheme so that other companies can follow."
Monzur Ahmed, another director of DCCI, said it is high time the businesses took long-term measures to face the recurring floods. "Flood insurance scheme may mitigate losses to industries," he said.
Addressing the meeting, the commerce minister said the government will hold an inter-ministerial meeting and take up action plan to rehabilitate floodhit industries.
"The total loss is estimated at Tk 35,000 crore to Tk 40,000 crore due to this year's devastating flood. This is a big blow to the economy at a time when we are exposed to challenges of the postMFA (Multi-fibre arrangement)," Altaf said.
"But the government and industry people will work together and surely overcome the challenges," he said referring to his meetings with leading chambers and trade bodies for taking their inputs for undertaking an appropriate action plan.
MA Momen, former director of the chamber, said the government should chalk out special rehabilitation programme for flood-hit SMEs. "The big industries may survive the flood loss but many SMEs may face closure as they run with small working capital."
Syed Tawfique Ali, former senior vice-president of DCCI, said the government may think of constructing protection dam around industrial area to save them from floods.