No compromise with syndicates: Adviser Salehuddin
Businessmen have requested assistance to address these problems. We assured them that we will take action to resolve them, he says
The Finance and Commerce Adviser Dr Salehuddin Ahmed has said there will be compromise with business syndicates.
"We have no agenda, neither political nor administrative. We have no attachment or aversion to anyone. We will not compromise with business syndicates," the adviser told journalists after a meeting with businessmen at the Secretariat on Wednesday (28 August).
"Businessmen have requested assistance to address these problems. We assured them that we will take action to resolve them," the adviser added.
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The meeting, chaired by Dr Salehuddin Ahmed, discussed the urgent need to address the trend of overpricing by unscrupulous traders, particularly in the context of increased demand for essential goods.
Discussions included regular market inspections, checking stocks and deliveries at warehouses, and conducting mobile courts to combat corruption.
Dr Salehuddin Ahmed acknowledged existing obstacles in business, such as issues at the ports, and assured that the government would work to resolve these with the cooperation of businesses.
He also addressed concerns regarding the opening of letters of credit (LCs), noting that while some banks face issues, including those involving foreign banks, the Bangladesh Bank is working to resolve them. He assured that imports of essential goods, fertilisers, pesticides, and food are not being blocked.
The meeting also featured a presentation by Mahmodul Hasan, deputy chief (Trade Policy) of the Bangladesh Trade and Tariff Commission. The presentation highlighted that prioritising the clearance of essential goods at customs stations and ensuring foreign exchange availability through the Bangladesh Bank could help stabilise the supply situation.
Discussion on essential goods
At the meeting, concerns were raised about influential groups and law enforcement agencies extorting money during the transportation of essential goods.
Dr Salehuddin urged the relevant authorities, including the Public Security Division, Roads and Highways Division, Bangladesh Police, and the Bangladesh Inland Water Transport Authority, to provide necessary directives to prevent such extortion and ensure smooth transport of essential goods.
Also, several recommendations were made to regulate the supply and pricing of goods. These included opening imports of essential goods with reasonable tariffs, ensuring that transportation costs do not fluctuate unnecessarily, and implementing strict receipt requirements from production to retail stages.
The meeting also discussed increasing local production of agricultural products and introducing seasonal tariffs on imports, alongside preparing a product-specific calendar that considers production periods, demand, and tariff rates.
Supply and stock
Regarding the supply and stock situation, it was noted that the import and supply of edible oil and wheat were normal for the fiscal year 2023-24. However, sugar imports fell short of demand, with 15.50 lakh million tonnes imported against a demand of 20 lakh tonnes, leading to high local prices.
Despite a decrease in international sugar prices, the local impact has been minimal. On the other hand, while the price of onions remains high locally, the Ministry of Commerce reported that the supply, including imports and production, was more than the 28 lakh tonnes demanded.
However, market management and syndicates have prevented consumers from buying onions for less than Tk120 per kg. Importing onions has limited impact due to international price increases and export restrictions from India.
