Private sector wants to partner in market monitoring
Business leaders warned that they would not stand by responsible traders if consumers were held hostage by the creation of an artificial crisis in consumer goods
Business leaders have called on the government to involve the private sector in market monitoring to effectively control the spiralling prices of essential commodities and ensure that traders are not subjected to unnecessary harassment.
They also warned that they would not stand by responsible traders if consumers were held hostage by the creation of an artificial crisis in consumer goods.
Terming runway inflation a major challenge for the authorities, the businesses said the government alone will not be able to monitor the market effectively.
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"The government should strengthen market monitoring by forming a committee in partnership with the private sector," said Md Sameer Sattar, president of the Dhaka Chamber of Commerce and Industry (DCCI), at a multi-stakeholder roundtable on "Strengthening Business-Agency Collaboration" at its auditorium on Wednesday.
He said the overall economy largely depends on local production and market management. Everyone agrees that the private sector is playing an essential role in this regard.
Mahbubul Alam, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said, "There is currently a crisis in the economy, which we all have to work together to deal with."
"Importance should be given to avoiding artificial price increases for any product. But if someone does, we will not be with them," he added.
He said the government and the private sector must work together to solve this crisis.
A representative of the National Board of Revenue was supposed to be present, but none was in attendance.
Senior Commerce Secretary Tapan Kanti Ghosh blamed the volatility in the global market for the spiralling prices of some import-dependent daily essentials such as oil and sugar.
The commerce secretary said the import of some products is restricted in order to protect the local industry. Importing beef or eggs would have reduced the price. But the government has banned import because of its emphasis on entrepreneurship rather than low costs.
"Currently, if beef is imported from Argentina or Brazil, it will cost Tk350-400 per kg. It is also possible to reduce the price of eggs," he added.
At the programme, Dhaka North City Corporation Mayor Atiqul Islam said those who are adopting dishonest methods of business management should be identified and punished.
Bangladesh Competition Commission Chairperson Pradip Ranjan Chakraborty said there is a gap between consumers and traders that needs to be bridged.
