Staff Correspondent

Commerce Adviser Sk. Bashir Uddin today said prices of essentials will remain under control during the upcoming holy month of Ramadan as the government has already taken all-out preparations to this effect.

“Bangladesh has sufficient import systems and stocks. InshaAllah, there will be no problem on the occasion of Ramadan. There is no crisis of oil, sugar, chickpeas and dates in the market,” he said.

The adviser said this while speaking as the chief guest at a conclave titled "Rational Prices of Food Products: Strategies for Market Supervision", organised by Bonik Barta at the city’s Pan Pacific Sonargaon Hotel.

Noting that there was a lot of discussion today about what the reasonable price of food products could be, Bashir Uddin said that short-term and long-term plans will be made on how to turn these into action.

He also expressed the opinion that policy formulation is necessary to provide real help to the consumers.

National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan, eminent economist Professor Anu Muhammad and Secretary (Routine Responsibilities) of the Ministry of Commerce Md Abdur Rahim Khan, among others, were present on the occasion.

Research Director of the Centre for Policy Dialogue (CPD) Dr Khondaker Golam Moazzem presented the keynote paper, titled "Integration of Food Supply Chains in Bangladesh: Digitalization for Efficiency, Transparency, Traceability, Legal Accountability, and Accessibility."

At the presentation, Moazzem suggested establishment of a commission headed by an agricultural economist and ensuring that every business obtains a Business Identification Number (BIN).

"We hope that such autocracy will no longer exist in the market," he added.

He mentioned that while the government may have information on annual production and supply, it lacks real-time data on daily production and supply.

Even local-level data on distributors and supply chains is often unavailable, though such information is accessible internationally or to businesspersons, he said.

"With such limited data, it is impossible for the government to regulate the market effectively," he added.

Moazzem emphasised the need for legal reforms in market regulation and suggested changing the current system, where a distributor supplies goods exclusively for a single company.

Trading Corporation of Bangladesh Chairman Brigadier General Mohammad Faisal Azad, Vice President of the Consumers Association of Bangladesh (CAB) SM Nazir Hossain, Chief Coordinator of the National Citizens' Committee Sarjis Alam, Director of Kazi Farms Kazi Zahin Hasan and spokesperson for Anti-Discrimination Student Movement Umama Fatema also spoke on the occasion.

Sarjis Alam said controlling commodity prices requires political decisions. "As we have observed, any attempts to stabilise prices will fail without strong political commitment," he added.

He hoped that large businesses will embrace philanthropic practices to secure their legacy for generations.

“Globally, the private sector has set positive examples, and we believe they can do the same here also," he added.

Nazir Hossain suggested the government to set a limit on business profits, which could help regulate prices.

"Consumers are paying VAT, but it is not being deposited in the government exchequer," he added.

Bonik Barta Editor Dewan Hanif Mahmud moderated the conclave.