Tougher actions to fuel essentials’ prices further

The government wants to bring down the prices of essentials through talks with the business community since filing cases and sending traders to jail might send the prices higher further, said Commerce Minister Tipu Munshi yesterday.

Sending businessmen who are involved in artificially pushing up commodity prices to jail will increase the suffering of consumers as well, he said, adding that the government wants businessmen to make a logical profit at the same time.

The minister was speaking to a group of reporters after a meeting with the US-Bangladesh Business Council (USBBC) at the InterContinental Hotel in Dhaka.

He refuted claims that he had said in parliament that there was a syndicate in the market that controls the prices of essential commodities and he would break it.

"What I said is that sometimes some businessmen want to make a higher profit."

There is no major syndicate in the market as a large number of people are involved in the supply chain, the minister said, citing that thousands of people are involved in egg production. 

His comments came a day after Prime Minister Sheikh Hasina told a press conference that she would ask the commerce minister about his statement on the syndicate in the essential commodity market.

But yesterday, the commerce minister said he was with the prime minister at the Gono Bhaban for one and a half hours after the press conference but she did not speak about the issue.

Regarding the visit of the US delegation, Tipu Munshi said the council wants to invest in Bangladesh and has sought tax holidays for 15 years.

The visiting delegation also called for reducing the corporate tax rate, he said, adding that the members of the delegation did not say anything about the country's political situation.

Syed Ershad Ahmed, president of the American Chamber of Commerce in Bangladesh (AmCham), said they are convinced that the AmCham Bangladesh and USBBC will actively promote economic cooperation and facilitate the business success of American companies and their counterparts in Bangladesh.

"We are highly confident that we are on the same page. Bangladesh has made good progress in recent years, notwithstanding the challenges posed by a foreign exchange crisis and high inflation amid the supply chain disruptions caused by the war."

"To fortify the economy, we require more foreign investment and a more accessible capital market."

He said some issues in the latest draft of the Data Protection Act have been addressed, but there are still a few important points that need immediate attention from the government.

"The AmCham and the USBBC will submit recommendations soon."

The business leader said various exchange rates have made it challenging to comply with regulations when bringing in wage earner remittances to Bangladesh, leading to a significant loss of remittance and a surge in the use of unofficial channels.

"This is causing great distress to US remittance companies."