Federation of Bangladesh Chambers of Commerce and Industry-FBCCI has called upon traders to be sincere in controlling the market of consumer goods in next Ramadan. The organization’s president, Mahbubul Alam, made this call in an exchange meeting at the Motijhele Federation Building in the capital on Monday morning. Meanwhile, traders demanded effective supervision to ensure normal supply of products from mills.
Ramadan is starting next March. Every year at this time most commodity markets including oil, sugar become volatile. The campaign of the government agency does not match the benefits. In such a situation FBCCI organizes discussion meeting to control the market.
FBCCI president Mahbubul Alam said in the meeting, ‘There is no such thing as syndicate in free market economy. But artificial crises can exist. We are not with those who will unethically create crisis in the market. We don’t want to hear any talk of traders being dishonest, syndicated. We want traders to trade. If there is a problem, a solution will be taken. But we don’t want any bad name.’
Mahbubul Alam also said, ‘We have heard the businessmen. There are complications with LC opening. This is what we are talking about. I will talk more if necessary. There has been talk about the ministry. But I think it is more important to coordinate between the ministries that are related to the market.
In the meeting, the businessmen complained that the mill owners created an artificial crisis in the month of Ramadan. This makes product market control difficult. Therefore, they demanded supervision to keep the supply of essential products including oil and sugar normal.
Meanwhile, the mill owners emphasized on keeping imports normal under market control. That is why they demand to eliminate the LC crisis. They also urged to stop the customs harassment.
Citigroup consultant Amitabh Chakraborty said, ‘Steps are being taken to completely remove oil from the open market on the pretext of food security. But many people are involved in this business. This problem can be solved by increasing the supervision of companies that refine edible oil.
The Tariff Commission has assured support to traders not only during the month of Ramadan, but throughout the year.
Trade and Tariff Commission Deputy Chief Mahmudul Hasan said, ‘In today’s meeting the businessmen spoke very positively. It made our work easier. There will be no major crisis in the market if traders are in a positive mindset.’
Meanwhile, no official of NBR attended the meeting despite being invited.