The recent internet shutdown in Bangladesh has had a significant impact on the country’s telecommunication and information technology sector, resulting in a loss of around Tk 180 billion in just 10 days. State Minister for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak shared this staggering estimate during a meeting with affected entrepreneurs in the private sector at the Bangladesh Secretariat.
The government has recognized the urgent need to provide support to the telecom and IT sector, which plays a crucial role in driving the economy through internet connectivity and the talent of the youth. The losses incurred were mainly due to the lack of emergency network protocols and business continuity plans. In response, the government is taking steps to help businesses overcome these challenges and recover from the financial setbacks.
During the meeting, sector leaders discussed the need for loan facilities for business owners at an interest rate of less than 4.0 per cent, to be funded by Bangladesh Bank. This initiative aims to restore confidence and trust among the younger generation, mitigate employment risks, and facilitate the recovery of losses incurred during the internet shutdown.
Dr. Mushfiqur Rahman, Secretary of Posts and Telecommunications and Chairman of Submarine Cable Company, presided over the meeting, which also included representatives from various industry associations such as AMTOB, BASIS, ISPAB, E-CAB, BACCO, and the Bangladesh Freelancer Development Society (BFDS). The focus was on assessing the damages caused by the internet shutdown and planning for future resilience in the face of such challenges.
Mr. Palak emphasized the importance of supporting the country’s 700,000 freelancers by providing individual-level incentives. He has submitted an application to the Ministry of Commerce and is working on a mechanism to offer these incentives, with hopes of receiving a positive response soon. Additionally, efforts are being made to reduce consumer internet costs and ensure uninterrupted internet service in Bangladesh.
In light of the recent crisis, the government is considering transitioning overhead fiber optic cables from the submarine to underground for enhanced safety and reliability. This move aims to maintain continuous internet service and prevent disruptions that can have a detrimental impact on businesses and the economy as a whole.
The internet shutdown, which was implemented in response to violence during students‘ demonstrations, disconnected Bangladesh from the rest of the world and disrupted internet-dependent services. The government’s efforts to support the affected sectors and ensure the continuity of internet services are crucial for the recovery and growth of the telecommunication and information technology industry in Bangladesh.