Tipu Munshi changes tune about market syndicate

Commerce Minister Tipu Munshi has retracted his previous statement about market syndicates.
"I did not say that a syndicate is present in the market, and I will break it," the commerce minister told the media on Wednesday after a meeting with the United States Bangladesh Business Council (USBBC) in Dhaka.
His statement followed a press conference held by Prime Minister Sheikh Hasina on Tuesday, during which she was questioned about the existence of market syndicates, making reference to the commerce minister's earlier remarks.
On June 26, Tipu Munshi came under fire in the House as he said, "There are talks about market syndicates. It is true that large groups do a lot of business together."
"We need to keep in mind that abrupt legal measures against the businessmen may lead to crises. This will cause suffering to us. Therefore, we need to try to cool off the market through discussions," said the minister.
On Tuesday, while responding to queries about the commerce minister's assertion that action could not be taken against the syndicates, the prime minister said that she would inquire with the commerce minister about such a statement.
However, Mr Munshi clarified that he had spent nearly a couple of hours with the prime minister after the press conference, but she did not bring up the matter.
"When the prices of essentials rise in the market, we will strive to regulate them to reasonable levels.
The Directorate of National Consumers Right Protection is dedicated to achieving this," the minister explained.
Nonetheless, he also noted that at times, due to a lack of sufficient manpower, proper market monitoring could not be effectively carried out.
Regarding the visit of the US delegation to Bangladesh, the minister said numerous US businesses are keen on investing in Bangladesh and are seeking a 15-year tax holiday facility.
Besides, they are requesting a reduced tax rate. The minister mentioned that the tax structure would be determined in accordance with the new tariff policy.
He also said that the delegation did not address the country's political situation.
Syed Ershad Ahmed, president of the American Chamber of Commerce in Bangladesh (AmCham), expressed confidence that both AmCham Bangladesh and the US-Bangladesh Business Council (USBBC) would actively foster economic cooperation and support the business endeavours of US companies and their counterparts in Bangladesh.
"We are highly confident that our objectives align. Despite challenges stemming from a foreign exchange crisis and supply chain disruptions, Bangladesh has demonstrated significant progress in recent years," Ahmed said.
To bolster the economy, increased foreign investment and improved access to the capital market are necessary to streamline banking channels.
Regarding the Data Protection Act, Ahmed noted that while certain issues in the latest draft have been addressed, a few crucial points still require immediate attention from the government. AmCham and USBBC intend to promptly submit relevant recommendations.
During the event, Atul Keshap, president of the US-Bangladesh Business Council and Mahbubul Alam, president of the FBCCI, among others, also delivered remarks.

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