Business stability remains elusive

Mahfuja Mukul: Hasina’s government fell on August 5 due to the violent movement of the students. An interim government was formed under the leadership of Muhammad Yunus on August 8. The middle of July to the first two weeks of August were spent in agitation and reorganization. In the changed situation, many big businessmen are also disorganized. At the moment of turning back from the political unrest, a terrible flood struck again. All in all, stability is not coming in the business of the country.
Even before the start of the movement, there was a gas crisis. Factories have returned to production after overcoming these crises. However, several new problems have been added to the previous traditional problems. Still raw material procurement and nationwide delivery of products is not completely normal. Sales did not increase much. In the wholesale market, however, sales decreased.
Traders of various sectors supplying products dependent on the domestic market of the country say that even though factory production has started, the arrival of imported raw materials has not been completely normal. There is a shortage of raw materials. Besides, they are facing major challenges due to declining sales, shortage of dollar, gas and electricity crisis, instability in banking and lack of credit in the current situation.
Businessmen are talking about various problems in the ongoing situation. Some businessmen said that the factories of several industrial groups in the country are now closed due to the change in the political context. Products of those companies are not being delivered. Which affects the market.
Also, the companies that are continuing their business activities as normal, as the owners of many of the distributors who supply their products are also political beneficiaries of the previous government, they have not yet been able to return to business. As a result, some companies are disrupting the supply of products across the country. Subsidiaries and their distributors are worried. They are also unable to run their business activities normally.
After Sheikh Hasina left the post of Prime Minister and fled to India, houses and businesses of government ministers, members of parliament and Awami League activists were torched, vandalized and looted across the country. A businessman who is a distributor of LPG gas of several other companies including Beximco in Dhaka told on the condition of anonymity, “I am worried that there is such a situation in the country that some companies will exist and some will not.” Not daring any big transaction. I am doing what I can to sustain the business. But I am very worried about the future of some companies, with whom I have big investments.
Various equations have started with several companies of Beximco Group owned by Salman F Rahman, the Prime Minister’s adviser on private industry and investment of the ousted Awami League government. Salman F Rahman was recently arrested.
Then spoke with Mehdi Hasan, Chief Marketing Officer of Beximco LPG. He told about the current situation, “Political reasons have not affected the business of Beximco LPG.” We keep the same supply as all the other companies in the market are supplying. Although now the overall business situation of the country is not good.
He said, “Beximco has also supplied gas on August 5. while other companies did not. As a result, no distributors or traders have any reason to worry about it. In fact, business is at the place of business, politics is at the place of politics.
S Alam Group is a major company in the consumer goods market. The changing political landscape has had a major negative impact on S Alam’s business operations. There is no supply of their products in the market.
In response to the question of what is the condition of the consumer goods market, Moulvibazar Wholesale Edible Oil Traders Association Vice President Md. Ali Bhutto told Daily Industry, ‘S Alam is not in the market. It’s a supply chain problem now. They had a large share in the wholesale market of several consumer goods including oil and sugar. It has had an impact.’
He said, “This may be a problem for a month. But in between other companies will cover with more products. However, S Alam’s business policy was widely criticized during the previous government. As a result, this crisis seems to be a problem but it is a good thing.
Solaiman Badsha, the owner of Tayyabia Traders in Khatunganj, the second largest wholesale market in the country, told, “Business has boomed in Khatunganj.” No trades. Water is almost everywhere in Mufaswal. Mofswal traders do not come to Khatunganj to buy goods. A small amount of daily goods are being sold.
He said, “Some big traders, who import and supply products to the market or buy DO from millers in Dhaka and Chittagong and sell it in Khatunganj market, are not taking checks from S Alam-centric banks. They are afraid of check encashment of these banks. As a result, other traders have to face problems.
Shahjahan Bahadur, another businessman from Khatunganj told, “Since S Alam Group was in the market, the prices of many products were under control in Chittagong. Even if there were accusations of bank robbery or loan fraud against them, they would not allow any shortage of goods in Chittagong. Especially in the case of edible oil and sugar, S Alam’s oil-sugar prices were always Tk 50-100 lower than Dhaka millers. Now that S Alam is cornered, other millers are starting to take chances. It also increases the price in the market.
Traders in the wholesale market are not getting enough trucks and covered vans to transport goods under increased pressure. Due to this, the rent is being charged more. They also said that due to limited banking activities, there is also problem in money transactions.
President of Bangladesh Wholesale Traders Association Bashir Ahmed told, “A maximum of three lakh taka is being withdrawn from a bank account. Due to this, the transaction has decreased completely. Wholesale business is still not even 20 percent. Meanwhile, the flood has made the situation more dangerous.
Meanwhile, several company distributors have also spoken about the problem. Shah Kamal Mostafa, general manager of Bonful and Company Limited, said, “There have been some problems at the distributor level. Many of those who were involved in politics could not do business. But that number is not very high. Most of the places are running the distribution with their managers or other people.
An official of a large company affected by the current situation said on the condition of anonymity, “People are not giving money because of the bad situation.” Although we are thinking of launching the company again in a new venture. However, there has been a very negative impact on business.
Another big organization affected by political reasons is Gazi Group. Most of the establishments of this group were looted and set on fire by miscreants. The company belongs to former textile and jute minister Golam Dastgir Ghazi.
The companies of this group are now unable to supply their products to the market. However, it is said that the company is going to start business operations soon.
In this situation, the supplier activities of some organizations have been disrupted. Chief Marketing Officer of Akiz Food and Beverage Limited Maidul Islam told, “There were some businessmen who also did politics. Some of these suppliers are now unable to provide regular supply of products. However, overall, the number of such traders is less.