The recent internet shutdown in Bangladesh has had a significant impact on the country’s telecommunication and information technology sector, resulting in an estimated loss of around Tk 180 billion in just 10 days. State Minister for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak shared this alarming figure during a meeting with affected entrepreneurs in the private sector, highlighting the need for urgent support to overcome the losses.
Palak emphasized the importance of the telecom and IT sector, driven by the internet and the talent of youths, in the country’s economy. He acknowledged the challenges faced by businesses due to the lack of emergency network protocols and business continuity plans, which exacerbated the impact of the internet shutdown. To address these issues and restore confidence in the sector, the government has taken steps to provide intensive support and assistance to affected businesses.
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 help businesses recover from the financial losses incurred during the internet shutdown and mitigate employment risks. The focus was on assessing damages, planning for future resilience, and providing policy support to ensure the sector’s recovery.
Dr. Mushfiqur Rahman, Secretary of Posts and Telecommunications, and Chairman of Submarine Cable Company, presided over the meeting, which was attended by key industry representatives such as Mohammad Zulfikar, Secretary General of AMTOB; Russell T Ahmed, President of BASIS; Emdadul Haque, President of ISPAB; and other stakeholders from related sectors. The discussions centered on formulating a plan for financial recovery and policy support to help businesses navigate the challenges faced by the sector.
Palak also announced plans to support the country’s 700,000 freelancers by providing individual-level incentives, demonstrating the government’s commitment to assisting those affected by the internet shutdown. Additionally, efforts to reduce consumer internet costs and ensure uninterrupted internet service were highlighted as key priorities for the sector’s recovery.
In conclusion, Palak emphasized the importance of maintaining continuous internet service and discussed plans to enhance safety and reliability by transitioning overhead fiber optic cables from the submarine to underground. The government’s proactive approach to addressing the challenges faced by the telecommunication and IT sector reflects a commitment to supporting businesses and ensuring the sector’s resilience in the face of adversity.