Internet, FB shutdown: Digital commerce loses Tk1,700cr in 13 days

The country's digital commerce sector incurred a loss of around Tk1,700 crore in the last 13 days due to the shutdown of the internet and Facebook, according to the e-Commerce Association of Bangladesh (e-CAB).

Shomi Kaiser, president of e-CAB, disclosed this information during a press conference held at the e-CAB office in the capital's Banani this (31 July) afternoon.

She said the loss was calculated on the basis of data from more than 2,700 members of the association.

It was stated at the press conference that in the first 10 days of the internet shutdown, losses exceeded Tk1,400 crore.

Among the online-based sectors that were the hardest hit, the e-commerce sector suffered a loss of Tk600 crore, the e-tourism sector lost Tk300 crore, and the e-logistics sector incurred over Tk100 crore in losses, Shomi Kaiser said.

"The most affected are the small and medium entrepreneurs who rely on Facebook. Many of them are on the verge of closing down their businesses," she added.

She urged the government to provide low-interest, collateral-free loans to support the affected entrepreneurs.

At the press conference, the e-Commerce Association of Bangladesh called for a six-month grace period for entrepreneurs in the sector with bank loans, allowing them time to make their instalment payments.

Additionally, the association sought government assistance in communicating with Meta, the company that owns Facebook, to seek a refund for advertisement payments made for the month.

The association has also asked the government to waive the 15% VAT on advertisements and to forge trade licence renewal fees for entrepreneurs this year.

"In future emergencies, measures should be taken to ensure that communication channels such as email and SMS remain operational. Additionally, e-CAB will collaborate with the Bangladesh Investment Development Authority to develop a permanent strategy to safeguard these businesses from adverse impacts," added Shomi Kaiser.