Businesses and trade would quickly recover from the adverse effects of coronavirus spread, hoped Commerce Minister Tipu Munshi.
The government is monitoring the situation closely and ready to help the businessmen to get back their hold on export-import, he said while inaugurating "New INCOTERMS 2020 Rules" in Dhaka on Sunday.
"It is too early to say how much damage our economy has sustained. The government is currently prioritising prevention so that the virus does not spread," he said.
The International Chamber of Commerce (ICC) Bangladesh organised the event.
Bangladesh's manufacturing and export-oriented industries have incurred a loss due to the outbreak of coronavirus in China, but the actual volume of it is yet to be determined.
Industry people expressed concerns over possible negative impacts on businesses because of the virus outbreak which caused delays in import and export of the East Asian country.
Tipu Munshi said, "Not only Bangladeshi export, but also exports from other countries dropped as the virus has stormed the whole globe."
Recounting his personal experience, the commerce minister said he got one of his scheduled meeting in Brussels cancelled due to the virus outbreak.
"But it is a temporary state," he said, claiming China's situation has started improving.
"The factories are being opened, and the number of both death and new infection is going down gradually. But, the virus outbreak elsewhere is concerning," the minister added.
Replying to a query about whether the government is looking for China's alternative, Tipu Munshi said, "Our embassies are doing their best. We do not expect them to discover anything overnight."
"Now, businessmen are cautious. They have enough knowledge on global market updates. If the virus outbreak takes a massive turn, retails will be slowed down which will hamper our sale. I do not think it is the right time to draw any conclusion," said Tipu Munshi.
"We all are hopeful that the situation will get better," he concluded.