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Panicky businesses fear loss in export, FDI

Star Business Report
Prevailing uncertainty and instability in national politics coming close on the heels of a devastating Flood will further degrade Bangladesh's image taking toll on export and foreign direct investment, fear top businessleaders.
They said when businesses were gearing up in full swing to recover from losses sustained from the deluge that inundated two-third of Bangladesh, the grenade attacks on a public rally of the main opposition party on Saturday came as a big blow.
With no headway to the series of blasts at different public rallies and cinemas including the latest one on Bangabandhu Avenue in Dhaka killing at least 19 people, the business leaders expressed their utter frustrations while talking to The Daily Star yesterday.
Ilie attack would put a long lasting stigma on the country's image, they fear.
Frustrations ran so high among the business community that some of them who had all along been against hartal spoke in favour of the latest two-day general strike, enforced by opposition parties protesting the attack on the rally of Leader of the Opposition in Parliament Sheikh Hasina who narrowly escaped.
Most of them said the latest round of hartals is for a common and big cause to press the government for restoring security in the country. When human life is not safe how business can flourish in this situation, said the business leaders.
The attacks on Awami League (AL) rally and subsequent hartal has brought the business to a near standstill with major production disruptions in mills and factories and low customer mmout in shops and shopping centres.
The common view that came from the conversations with business leaders is that they are unccr-
politicai confrontation.
Current hartal reality different: BGMEA chief Bangladesh Garment Manufacturers & Exporters Association (BGMEA) President Annisul Huq said, "We do not sup-port hartal, but this time the reality is different."
He said the country has been facing political unrest as well as natural disasters since decades. "And we are now in the middle of a chaos."
"But our tremendous performance in terms of export and production proves that we are such a nation that we can fight against any situation," he said.
Huq hopes the foreign buyers would not be worried for the current political situation and would continue their business in the country.
Double blow to economy: FBCCI vice-president Vice-president of the Federation of Bangladesh Chambers of Commerce and Industry Abul Kashem Haidersaid the hartals have come as a double blow to the business and economy.
"The economy is still reeling under flood impact. At this dme any production disruption In Industrial sector would delay economic recovery," he said. "At no time we should support hartal whatever the reason ofit"
No reason to support hartal: MCCI supremo Metropolitan Chamber of Commerce and Industry (MCCI) President Kutubuddin Ahmed sees no reason to support the hartal, sayingSaturday'sattackaddingwith recent floods has already damaged Bangladesh's image abroad ham-peringbusiness seriously.
"We want international probe of the incident as demanded by Awami League but cannot support the hartal," hesaid.
The MCCI president said the business community was always against hartal for which small and medium enterprises' growth may collapse.
Kutubuddin, who is also a representative of garment sector, said at least 30 percent garment workers abstained from work yesterday whereas the normal rate of absence is 10 to 15 percent on other hartal days.
He termed the government's attitude on the attack and its aftermath "positive".
Hartal harmful to progress: BTMA chairman
MA Awal, chairman of Bangladesh Textile Mills Association (BTMA), said just when the flood situation has improved, business and economic activities specially in Dhaka came to a halt after Saturday's gre-nadeattackon the AL rally.
"We are in a fear what will happen in coming days," he said. "With the uncertainty in politics, the foreign buyers are now also in an apprehension."
Awal said after the grenade attacks, commercial vehicles were off the roads resulting in zero ship-mentfromoneplaccto another.
Commenting on hartal, the BTMA chairman said hartal is a political instrument but it is harmful tocconomicdevelopment
Current hartal justified: Frozen food assoc chief President of Bangladesh Frozen Foods Exporters Association Quazi Monirul Haq said the grenade attacks on AL rally has created a panicky situation in businesses and the uncertainty will add to woes of exporters.
"Such a chaotic and insecure situation may further degrade country's image abroad affecting exports," hesaid.
Monirul thinks any shutdown affects business but he sees no harm in supporting the. two-day hartal in
protest against insecurity of lives that prevails at present in the country.
Shop owners sympathetic towards present strike President of Bangladesh Dokan Malik Samity (shop owners associa-tion) Amir Hossain Khan said shop owners are sympathetic towards the two-day protest programme to air their grievances against the insecure situation that is not congenial to business.
"After the incident, transactions in shops have fallen drastically. Due to uncertainty people have stopped buying products other than essen-dals. As an uneasy situation prevails, shop owners close their shops early andgo home before sunset," he said.
Shopping malls, department stores and other retailers are yet to recover from dull business due to flood and the panicky situation arising out of the grenade attack may birther dip retailing business, he feared.
Panicky situation to hurt FDI: AmCham president President of American Chamber of Commerce (AmCham) in Bangladesh Aftab-ul Islam said the panicky and uncertain situation may not only adversely affect the local businesses but also the flow of foreign direct investment (FDI).
"The government should ensure security of lives to the people. If government is to attract more FDI and improve country’s image, it mustworkonsecurity,"hesaid.
Leather exporters worry over unstable situation Bangladesh Finished Leather, Leathergoods & Footwear Exporters' Association Chairman Tipu Sultan said such grenade attack is hateful and such incident is continuing in the last few years. "But there was no soludon of those incidents."
"For this, the country's business sector is now in an unstable situa-don and export, import and production are hampered,,'' lirt-iaid.
"The government should find out the culprits otherwise our country will become like Nepal where business is hampered for the activities of the Maoists."
Hartal doesn't spare any sector: DSE
The hartal came as a big blow to the
capital market, which was experiencing a bullish trend over the past few weeks. The Dhaka Stock Exchange (DSE) general index crossed 1500 points and transactions hi tTk 36 crore last week.
However, DSE President Ahmed Iqbal Hassan is hoping that the bullish trend would1 continue after
the hartals. "When violence and unrest arise they affect all the areas and capital market is no exception. But we hope the recent trend would continue as market gers maturity and resilience."
Hartal to hurt
market: CSE
Chittagong Stock Exchange CEO Wali-ul-Maroof Matin said the uncertain situation may affect country'scapitaltnarket.
'The hartal and subsequent violence make the situation uncertain which does not bode well for capital market," heSaid. VWWI