The Russia-Ukraine war is a major humanitarian crisis affecting millions of people and a severe shock to sustained economic development of the world, said the International Chamber of Commerce, Bangladesh (ICCB) on Thursday.  "Bangladesh is already facing the affect of Russia-Ukraine war, with inflation reaching 7%, the highest in decades, reduction in exports to Russia and Ukraine as well as rise in import bills, mainly for oil and food," said the ICCB in its editorial of the current news bulletin released on Thursday.  The world, after getting battered by the pandemic, supply chain chokeholds and leaps in prices, is now faced with worst human and economic catastrophe due to uncalled for Russia-Ukraine war. Read: Impact to intensify if Russia-Ukraine war continues for a longer period: ICCB Countries are preparing for the worse, depending on their immediate and long-term concerns.  For the West, it is preeminently a security concern and they are gearing up accordingly, apart from efforts to find alternatives to energy and food supplies, said the ICCB. But for the rest of the world, it said, the humanitarian sufferings and economic concerns come first as the war has disrupted the entire supply chain, making production, business and life unpredictable. International Chamber of Commerce and its 45 million members in over 100 countries urged upon the super powers to abandon their fight for world supremacy at the cost of loss of millions life, sufferings of humanity and obstacle to continued global growth. According to World Food Programme (WFP) some 276 million people are facing acute food insecurity.  Food and Agriculture Organization (FAO) estimates that the impact of the war could lead to 11-19 million more hungry people. The War has compelled more than six million Ukrainians to take refuge in neighbouring countries.  This has added to the already existing 26.4 million refuges globally, including some more than one million Rohingyas in Bangladesh.  According to UNHCR at the end of 2020 there were 82.4 million forcibly displaced people in the world, of which more than a quarter (26.4 million) are refugees. WFP Executive Director has announced it’s decision of cutting food rations for refugees by as much as half, as it faces a hunger crisis worsened by war in Ukraine and funding constraints. Ukraine is the world's biggest producer of sunflower oil, with Russia number two, according to S&P Global Platts.  The two countries account for 60% of global production.  Read: ICCB highlights Bangladesh’s graduation, its consequent challenges Besides, Ukraine grows enough food to feed 400 million people worldwide, which includes 10% of the worldwide grain supply and 13% of global corn supply. According to FAO, spiralling costs of farm inputs like fertiliser could deter growers from expanding production and worsen food security in poorer countries facing record import bills.  As a result, some countries in the Sub-Saharan Africa and in Asia, such as Bangladesh and Indonesia, also being highly impacted. Oil and natural gas prices rose sharply following the invasion and they are expected to remain elevated this year, said the ICCB. The energy supply crunch reminds the world of the 1970's oil crisis that stagnated global growth amid surging inflation.  NATO Secretary General Jens Stoltenberg said that Russia's war in Ukraine could take years.   After US military aid in millions of dollars were disbursed and several billions more pledged, European leaders, including the French president and the German chancellor are also offering Ukraine more weapons and European Union's candidate status. Russian President, on the other hand, declared "the end of the era of the unipolar world". All these moves point to the prospects of a prolonged war. The developed nations are experiencing record inflation in decades and taking tough steps to control spending, which will dampen consumer demand – a concern for Bangladesh that depends on exports to these countries. The US Federal Reserve has hiked, for the first time in more than two decades, its benchmark interest rates by 0.75 percentage points, as it had has no choice but to address inflation more forcefully, regardless of the impact on markets.  The Bank for International Settlement (BIS), considered as the Central Bank of Central Banks, in its Annual Economic Report has observed that the central banks must act quickly and decisively before inflation become entrenched, with the thread of stagflation looking over the global economy.

A nine-member delegation led by International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman is attending the ICC’s 12th World Chambers Congress in Dubai. Organised by the ICC World Chambers Federation, the World Chambers Congress is the international forum for chamber leaders and professionals to share best-practices, exchange insights, develop networks, address the latest business issues affecting their communities and learn about new areas of innovation from chambers around the world. Read: Success of businesses drives growth, help creates jobs: ICCB The three-day 12th World Chambers Congress of ICC and World Chambers Federation (WCF) began on Tuesday in Dubai. The theme of the Congress is Generation Next: Chambers 4.0 to be jointly organized by Dubai Chamber. Rizwan Rahman, President, Dhaka Chamber of Commerce and Industry (DCCI) has been invited as a speaker in the Congress, said the ICCB on Tuesday. Abdul Hai Sarker, Chairman, Purbani Group; Anwar-Ul-Alam Chowdhury (Parvez), Managing Director, Evince Group; Mir Nasir Hossain, Managing Director, Akhter Hossain Limited; Mohammad Hatem, Executive President, BKMEA & Managing Director, MB Knit Fashion Ltd.; Matiur Rahman, Chairman & Managing Director, Uttara Group of Companies; Rizwan Rahman, President, DCCI, Md. Salauddin Yousuf, Member, CCCI & Director, Lub-rref (Bangladesh) Ltd. and Ataur Rahman, Secretary General, ICC Bangladesh are the delegation members. Read: ICCB seeks climate change mitigation, role of private sector The delegation is expected to return home on November 27.

Bangladesh has made spectacular economic progress over the last five decades despite limited resources, International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman said Sunday. "The GDP growth rate has reached a record high. Per capita income has also risen steadily," he said. Read:Dhaka conveys protests to UK over human rights report Rahman made the remarks while presenting the Executive Board Report of ICC Bangladesh for 2020 in its annual council held virtually in the city. He said the country has achieved near self-sufficiency in food production for its population of 170 million. "The country now even shoulders the burden of the world's largest refugee population of over 1 million Rohingyas who have fled persecution in neighbouring Myanmar," Rahman said. ICCB President noted that Covid-19 has created not only a global economic crisis but the loss of millions of lives globally. "This has led to steep recessions in many countries. It has also had devastating effects on women, the young, the poor, people employed informally, and those working in contact-intensive sectors." However, Bangladesh, which weathered the pandemic better than most economies in the sub-region, will continue to grow strongly as exports pick up. Also read: Bangladesh urges IORA member states enhance economic cooperation In Bangladesh, according to experts, not everyone has benefited equally from the nation's impressive growth and development because of rising income and wealth inequality, said the ICCB. Another challenge is the heavy concentration of economic activity in big cities like Dhaka and Chattogram, resulting in a huge rural-urban divide and increased urban poverty, it said. Referring to a recent study, the Executive Board Report mentioned that a staggering 96% of micro, small and medium enterprises (MSMEs) in Bangladesh lost income during the Covid-19 pandemic. MSMEs in the country reported a median loss in business of 82% during the "national holidays" and customer footfall reduced by an average of 67%. The recent upsurge of pandemic waves in India, which started in March 2021, has caused unprecedented and alarming infection and death. The Indian virus has also spread in neighbouring countries including Bangladesh as well as the UK. Unfortunately, vaccine producing countries are reluctant to allow the production of vaccines in other countries, said ICCB. Also read: Working to ensure economic solvency of people at grassroots: PM Among others, ICC Bangladesh vice-presidents Rokia A Rahman and AK Azad; Syed Manzur Elahi, chairman, of Apex Footwear Ltd; Md Jashim Uddin, president, Federation of Bangladesh Chambers of Commerce & Industry (FBCCI); Rizwan Rahman, president, Dhaka Chamber of Commerce & Industry (DCCI), Mahbubul Alam, president, Chittagong Chamber of Commerce & Industry (CCCI); Rupali Chowdhury, president, Foreign Investors’ Chamber of Commerce & Industry (FICCI); Sheikh Kabir Hossain, president, Bangladesh Insurance Association (BIA); Faruque Hassan, president, Bangladesh Garment Manufacturers & Exporters Association (BGMEA); Mohammad Ali Khokon, president, Bangladesh Textile Mills Association (BTMA); Mohammad Hatem, first vice-president, Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA), ICCB executive board members Abdul Hai Sarker, Aftab ul Islam, Kutubuddin Ahmed; Md Fazlul Hoque, Mir Nasir Hossain and Simeen Rahman; Muhammad A (Rumee) Ali, chairman, ICC Banking Commission and CEO, Bangladesh International Arbitration Centre (BIAC); ICCB members Mohammad Fazlul Azim, managing director, Azim Group; Md Mahbub Ur Rahman, CEO, The Hongkong and Shanghai Banking Corporation (HSBC) Ltd; Syed Waseque Md Ali, managing director, First Security Islami Bank Ltd; Syed Mahbubur Rahman, managing director & CEO; Mutual Trust Bank Ltd; Mohammad Shamsul Islam, managing director, National Housing Finance and Investments Limited; Tanvir Ahmed, managing director & CEO, Sheltech Ceramics Ltd.; Rubaiyat Jamil, managing director, ICE Technology; Md Abdul Jabbar, managing director, DBL Group; Dr Rubana Huq, managing director, The Mohammadi Limited; Tahrin Aman, president, Nordic Chamber of Commerce and Industry (NCCI); Anis A Khan, advisor to the board, Tyser Risk Management Bangladesh Limited (TRMBL); Mohd Arshad Ali, managing director, The Merchants Limited; Asif Ibrahim, vice-chairman, Newage Textiles Ltd; R Maksud Khan, chairman, Bengal Fine Ceramics Limited; Syed Ali Jowher Rizvi, managing director, Summit Alliance Port Limited; Md Abdul Jabbar, managing director, DBL Group; K A M Majedur Rahman, CEO, AK Khan & Company Ltd, Ataur Rahman, secretary general, ICC Bangladesh & Shamim Ahmed, deputy managing director, Mercantile Bank Ltd attended the meeting.