Business continuity a must to keep economy viable: Nitol-Niloy Group Chair

Sun Online Desk

14th October, 2020 07:59:30 printer

Business continuity a must to keep economy viable: Nitol-Niloy Group Chair

Entrepreneurs have to run their business in the new normal situation to keep the economy sustainable amid the risk of corona, Nitol-Niloy Group Chairman Abdul Matlub Ahmad has said.

In a virtual interview with daily sun, Abdul Matlub Ahmad offered his take on the businesses about what they should be doing amid some risk factors caused by corona. He stressed that there is no alternative but to run business for the sake of economy.

Narrating the business condition amid the pandemic, he said almost all of business entities are incurring loss.

“Like others, my business is incurring a 25-percent loss,” said Abdul Matlub Ahmed.

Stimulus package has helped recover trade and business and Banks have already disbursed Tk30,000 crore to the business people, Abdul Matlub said, adding that it has been helping the economy to recover from the fallout.

Nitol-Niloy Group Chairman maintained that though big business entities have got the benefit of stimulus package, SMEs are yet to get full benefit of the stimulus package.

“SMEs have to face a series of challenges while getting loan from the banks. The main challenge is the absence of good relationship between the customers and banks.”

Talking about his business, he said right now they have no plan to go for business expansion rather they have shelved their new plans.

“Denim business was almost ready to be launched which is halted now. My main challenge is to run the present business right now,” Abdul Matlub said, adding that they will go to new investment once their businesses come to break-even point.

Focusing on his dream about creating new entrepreneurs in the country, Abdul Matlub who was also the president of FBCCI, said he has kept his dream alive to create new entrepreneurship in the country.

Citing example of a successful entrepreneur, he said a new entrepreneur started his business with one pick-up and now has nine pick-ups within a short span of time. Even, the new entrepreneur has created employment for nine new people.

Asked about the biggest lesson from the corona virus pandemic, Abdul Matlub Ahmad replied that pandemic has learnt to become self-dependent.

“We were dependent on the import of everything. The pandemic has helped us to use our own resources,” he said, adding that the country’s agriculture sector has helped to recover the economy.

There is no doubt that agriculture sector played the major role in recovering economy from its fallout due to the corona virus, he added.

Nitol-Niloy Group Chairman also thinks that Bangladesh is in far better condition than that facing many countries right now and will be normal soon.