New marketing model to put products, prices on single site

New marketing model is devised to bring all relevant ministries on a single platform with products along with pricing put on digital marketplace to prevent price fixing.
The government finds market management one of the major challenges and so has started its overhauling that will bring all relevant ministries on one platform, State Minister for Commerce Ahasanul Islam Titu told a business meet Wednesday in Dhaka.
"A new model has been adopted to bring radical changes by making prices of commodities in different jurisdictions available on the website to stop its manipulation," he said, in the wake of price rises amid market waywardness.
Under the model marketing mechanism, all sacks of rice would have a label with detailed description of its variety to ensure transparency, beginning March 1, 2024.
The newly appointed minister, however, made it clear that they would shun the path of any "unusual harassment" in the name of market management.
He rolled out the market-overhaul framework while addressing a quarterly luncheon meeting of the Metropolitan Chamber of Commerce and Industry (MCCI), where the entire gamut of economic problems and prospects of Bangladesh came up for a reappraisal.
Following business leaders' proposals, Mr Titu expressed his willingness to hold public-private consultations to take policy decision on economic affairs at this critical hour.
President of the MCCI Kamran T Rahman aired his concern over unrelenting price hike of essential commodities and showed some exigent remedies.
He proposed supply of the necessaries at subsidized prices through the Trading Corporation of Bangladesh (TCB), lowering taxes and discouraging import of less-important goods.
The trade leader suggests that the government needs "new directions to find new markets and switch to high-value products from low-value ones".
Secretary-General and Chief Executive Officer of MCCI Farooq Ahmed delivered welcome speech while senior vice-president Habibullah N Karim moderated the open-house session.
Mr Titu told his business audience that there must be ongoing bargaining between government and businesses but in recent times it has lost pace with businesses becoming more "government-friendly".
The state minister for commerce notes that the reality in the market is different which cannot be realized sitting in a chamber like this.
"I will instruct the National Directorate for Consumer Rights Protection to conduct drive with the representatives of market committee," he said in response to businessmen's allegation over market drives.
He conveyed government resolve to find the root cause of price hike by discussing with rice millers or ensuring rational profits on bottled water or edible oils.
Only tax cuts won't bring any benefit to the consumers unless the businesses minimize their profitability and extend voluntary support to the marginal-income group of people, he told the meet.
"Other countries consider religious festival a charity while our businessmen consider it an opportunity to maximize profits," the minister said, amid growing concerns about Ramadan market manner.
On export diversification, he said the government, in principle, agreed to offer the European Union to establish effluent-treatment plant (ETP) for leather industries.
Responding to allegations from businesses, Mr Titu termed the National Board of Revenue (NBR) a 'difficult place' that took three weeks to issue Statutory Regulatory Order (SRO) even after prime minister's instructions.
However, he acknowledged country's poor tax-to-GDP ratio, requesting public-limited companies to tag tax returns with audit report.
Ahsan Khan, Chairman and Chief Executive Officer of Pran-RFL Group, proposed that the rules be simplified and relaxed for availing bonded-warehouse facility and effective ways be found out to curb inflation.
Shafiqur Rahman Bhuiyan, President, Bangladesh Auto Biscuits & Bread Manufacturers Association, said syndicates of essential goods could be stopped making the TCB vibrant.
Mirza Nurul Gani from SME sector feels that public-private partnership is required to get a scenario of business operation.
Soumitra Biswas, head of corporate affairs of BSRM, suggests the government should take action on the basis of study and findings instead of making unusual claim of process of goods in the market inspection.
Nihad Kabir, former President of the MCCI, requested the state minister to take care of the businessmen's demands regarding fiscal issues as the NBR is "rarely accessible".
Businesses suggested the government be more 'policy-oriented' than 'policing-oriented'.
Abu Daud Khan, vice-president of Bangladesh Association of Software and Information Services (BASIS), points out that the existing 15-percent tax on sending money abroad is discouraging the software exporters from bringing back money.
He regrets that the ICT sector "has yet to get benefit of the megaprojects, neither in form of value addition, nor technology transfer".
Habibullah N Karim suggests strengthening the WTO cell with the participation of seasoned experts from private sectors along with civil servants.
Mr Titu said the government would recognize craftsmen and Geographical Indication under its 'one-village, one-product' initiative.

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