Home ›› 18 Oct 2021 ›› Front
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jasim Uddin on Sunday blamed wholesale traders for the unusual rise of essential commodities, especially onion and edible oil, in recent weeks.
He urged the traders to be rational in fixing commodity prices, saying that the general people were suffering as prices of essentials increased in recent days.
Jashim commented on a discussion over prices, supply, demand, and stock situation of essential commodities in the markets at the FBCCI office in the capital.
He urged the businessmen to keep the prices of basic commodities within the limits of the consumers and said that business profit should be rational.
Speaking at the discussion, Jashim questioned why and how the onion price fell immediately by Tk 15 to Tk 20 a kilogram just after the government decided to withdraw 5 per cent customs duty on import of onion.
He said that if the price can be reduced immediately with the withdrawal of the duty, then it means there is something wrong.
Jashim said that all businessmen should not be blamed for a few people who are doing wrong. “A necessary step is required to control this unstable situation in the future. Consumers Rights Protection Act should be implemented for the sake of the consumers,” he said.
Bangladesh Dokan Malik Samity President Helal Uddin said, “We want actions from the government against people responsible for the price hike. Most of the time, we can’t identify those mainly responsible for the price hike.”
Onion Traders Association Secretary and also Shyam Bazar Banik Samity Vice-President Hazi Md Mazed said, “When the onion price increased in India then the prices of onion also rose in our country. We import 6,00,000 to 8,00,000 metric tonnes of onion every year from India. We are mainly dependent on importing onion from India.”
The price of onion declined a day after the government withdrew import duty on the commodity. A kilogram of the local variety onion is currently selling at Tk 65-70, which was sold at Tk 75-80 last week at several kitchen markets in the capital. On the other hand, the Indian variety cost between Tk 60 and Tk 65.
On October 14, the government withdrew import duty on onion and reduced that on sugar by 10 per cent to stabilise the prices of the two essential items.
Importers, wholesalers of essential commodities, leaders of different kitchen markets in Dhaka and other concerned bodies attended the meeting.
On the same day at a news briefing, Commerce Minister Tipu Munshi, however, said the onion prices skyrocketed locally because of a price increase in the global market.
“We are holding regular meetings to keep the prices [of kitchen market essentials] in control. The prices of oil, sugar, onions and other goods have been impacted by the rising global prices,” he said in response to a reporter’s question.
At a press briefing held at the Dhaka Chamber of Commerce and Industry (DCCI) office on the upcoming Bangladesh Trade and Investment Summit 2021, he said the Trading Corporation of Bangladesh is distributing several essential goods to support people of poor and low income.
The DCCI will organise the virtual international summit jointly with the Ministry of Commerce from 26 October to 1 November, marking the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and Bangladesh’s Golden Jubilee of Independence.
Around 552 companies from 38 countries will participate in 450 B2B (business to business) match-making sessions, and Prime Minister Sheikh Hasina will virtually inaugurate the function from Ganabhaban.
Mentioning the onion price hike, Tipu said the country has a 20 per cent shortage of the kitchen ingredient, and of it, 90 per cent is imported from India. “If the price of onions increases in India, it impacts Bangladesh too,” he said.
During a spot visit in several kitchen markets of Dhaka, The Business Post found that a kilogram of local variety onion is selling at Tk 65 – Tk 70 on Sunday, compared to Tk 75 – Tk 80 last week.
Meanwhile, the Indian variety onion is selling between Tk 60 – Tk 65. The price dropped a day after the government withdrew import duty on the commodity.
‘Summit a remarkable example of PPP model’
At the press brief, Tipu said, “We have a target of increasing the reserve to over $50 billion soon. Eighty-three – eighty-four per cent of our export earnings come from the readymade garment sector.
“But we want to reduce dependence on this sector and increase exports of other products. Bangladesh is doing well in different sectors such as leather, jute, agro, technology, light engineering and plastic products.”
Calling on foreign investors to visit Bangladesh, Tipu said, “We are ready to provide every facility to secure more investments in Bangladesh. We have a lot of skilled manpower. The country is moving forward... we would like to flourish further.
“After 2026, we may face new challenges. So, we are modernising our products.”
Munshi added that the summit is a remarkable example of the PPP model, which will help Bangladesh take necessary measures in formulating new policies for a developed economy.
He further said, “In recent years, Bangladesh made remarkable progress especially in electricity generation and infrastructure development, which is an added advantage for attracting foreign trade and investment.
“Bangladesh’s per capita income would reach $2,500 by 2022 from the existing $2,227.”
