The Exporters Association of Bangladesh (EAB) on Monday said that the fire at the cargo village of Hazrat Shahjalal International Airport (HSIA) has caused an initial estimated loss of $1 billion to the country's export sector.

EAB President Mohammad Hatem disclosed this estimate at a press conference on Monday (October 20) at a city hotel.

He sought great security in key areas like cargo villages and export import ports to ensure the global buyers for shipment of goods in time.

Shawkat Aziz Russell, president of Bangladesh Textile Mills Association, Dr Mohammad Zakir Hossain, vice president of Pharmaceutical and Medicine Industry Association and representatives of all sectors involved in export were present at the press conference.

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Hatem strongly criticised the authorities, stating that the incident points to a ‘total failure’ to ensure an effective fire detection and protection system in an infrastructure as vital as the cargo village.

The EAB President emphasised that the total financial impact goes far beyond the value of the goods physically destroyed by the flames. "It is difficult to determine the total extent of the losses for exporters right now," Hatem said.

“There was direct damage as products were burnt, but this is not the only loss. A much greater loss has occurred because finished goods, which were supposed to be produced from the burnt raw materials, cannot be exported," he added.

BTMA President Russel said there is a deep conspiracy of destroying Bangladesh’s goodwill on the international level after settling a tariff deal with the USA. “Political and geopolitical players are working behind to destabilize the manufacturing and export sector of Bangladesh, because of their failure in international trade.”

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He warned that the disruption will severely hamper import-export activities in the coming days, creating a risk of losing market position, erosion of buyer confidence and damaging international trade agreements.

EPB President Hatem stressed that a full and transparent investigation is necessary to ascertain the accurate figure, but based on preliminary reports from members, the association believes the overall loss will be around $1 billion.

Hatem, also the president of BKMEA, highlighted the wide array of essential goods handled at the cargo village, making its security crucial for the entire national economy.

Exporters of the readymade garment (RMG) industry use the village for urgent air shipments of light machinery, spare parts, raw materials, accessories and critical product samples.

The pharmaceutical sector relies on the facility for importing raw materials and exporting highly sensitive medicines.

Exporters of frozen food, agricultural produce, vegetables and fruits are also dependent on the village.

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Hatem said the products could be completely ruined if not shipped on time, as they are highly sensitive. “International courier services also use the facility for handling vital documents and parcels.”

Expressing deep concern over the recurring fire incidents across Bangladesh, Hatem said the recent blaze in an ultra-sensitive area like the airport's cargo section could have a major negative impact on the country's reputation.

"It is a serious concern that foreign buyers may become anxious about the security of Bangladesh's export products upon hearing news of this fire, which could negatively affect the country's economy," he cautioned.

Hatem questioned whether there would be accountability for the negligence, stating, "We believe it is urgent for the government to launch an immediate, transparent, and effective investigation to find the answers to these questions."

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He pointed to a recent series of fires in just a few days, including incidents in Ashulia, Mirpur, Chattogram EPZ, and Incepta Pharmaceuticals, as a cause of ‘deep concern and insecurity’ among business entrepreneurs.

Representatives from various member organizations of the EAB and importing firms were present at the press conference.