Implementation of laws key to flourishing business

In the areas of economic development, Bangladesh has created immense opportunity for businesses generating employment prospects for the youth, but all these opportunities cannot be used to flourish business in Bangladesh because of lack of implementation of laws, said Moulvi Bazar Baboshayee Samity President Sayed Md Bashir Uddin while talking to Abdur Razzak Sohel of The Business Post in an exclusive interview recently

How is the business going on and what is your plan to do better in business?

It is a big business area in the country. Here, wholesalers, medium and small entrepreneurs are involved in business. There are nearly 10 to 12 thousand wholesale businessmen at the market and this is why we can control the whole country from this market.

It is too challenging to do something special in a planned way. We try to do our best to do better in business with the collaboration of the government.

What is the impact of Ukraine-Russia war on the business?

The Ukraine-Russia war has thrown a big challenge for the business. It has cast a negative impact on the overall business. We cannot import and sell goods as we want because we cannot receive imported goods on schedule. It is uncertain when I am going to get my goods. This is why the market has witnessed crises and the prices have gone up abnormally.

The dollar price has gone out of control. Earlier, we made LC for goods with a rate of TK90 per dollar but now we have to purchase dollar for TK 115. This is why prices of goods are soaring up. The government cannot do something in proper and planned way to tackle the situation.

We are facing a volley of questions due to price hikes. The retailers are also asking why the prices have shot up alarmingly. The ultimate sufferers are consumers. The government should impose reasonable duty considering the welfare of consumers. But it is too high. The excessive duty also contributes to price hike of essentials. The overall sale has halved as the prices of almost every item has doubled.

Moulvi Bazar is one of the old and traditional markets in Bangladesh but the business is getting decentralized day by day. Do you consider it a challenge?

It has been a traditional market since the British period. From the very inception the market has never lagged behind. We know that the business is getting decentralized but it has not impact on the traditional wholesale market. We are not witnessing any shortage. Though the market has been decentralized over the years we have not had any shortage due to increase in population in the capital. On the other hand, communication has developed tremendously for which businessmen can buy goods at cheaper rates than any other areas of the country. This is why the whole pressure of the country is here. Several lakhs of people come here daily for commercial goals. Twenty years back, we heard, the market witnessed a transaction of TK 5000 to 6000 crore per day which has now doubled. The transaction now stands at Tk15000 to Tk20, 000 crore daily.

What do you think, as an experienced businessman, is the most challenging that hampers the business here?

It is said that businessmen keep the wheels of economy going. But the businessmen here have to face an indescribable situation. Very often warehouses are marked red because of many dishonest officials. Their products, in many cases, are not properly examined before they are declared worthy of sales. If we are informed we can take action against any dishonest businessman to support the officials. They cannot harass us anyway. Recently, the harassment is a bit less but it is still there.

A Lot of people come here to purchase products and we are trying to keep business-friendly environment.

What is the difference between doing business in a foreign land and in Bangladesh?

There is a huge difference. The law is not appropriate in the country. There are a lot of laws and rules but they are not implemented. This is due to personal interest and ignorance. The laws must be applied. Law should take its own course. If we can do this it will be beneficial for all and also help flourish business. The government should impose vat and tax in a reasonable way.

What is needed to support the business here?

The foreign currency is now out of control. It must be controlled to keep the price of goods under the purchasing power of people. If it can be done we would be able to supply goods to the market at lower prices. If it cannot be done ultimately consumers will have to suffer and it is we who have to shoulder the responsibility.

Bangladesh in the area of economic development has created immense opportunity for businesses opening up employment prospects for the youth but all these opportunities are going in vain due to the limitation of implementing existing laws. To ensure good business laws must be implemented properly in the country.