Prices of essential commodities to remain stable during Ramadan

Says commerce adviser

FE REPORT | Published: January 20, 2025 21:43:54

Commerce Adviser Sk. Bashir Uddin has said that the prices of essential commodities will remain stable during the upcoming holy month of Ramadan.
He said the government is making efforts to keep the rice price at a tolerable level following a recent surge in the staple food.
He made the observations at a meeting with a delegation of Dhaka Chamber of Commerce and Industry (DCCI) at his Bangladesh Secretariat office on Sunday afternoon.
The commercial adviser said, "It is very important to expand our tax collection as well as tax net to contain inflation and continue overall economic development activities."
Mentioning that the private sector of the country will face many challenges after the LDC graduation, the commerce adviser said that for the overall betterment of the economy, reforms in trade and investment-related policies along with collective efforts from all stakeholders are indispensable.
He stressed the need for revisiting the "Smooth Transition Strategy" (STS) to make it more inclusive and workable. To attract local or foreign investment, relevant policy support coupled with policy consistency is the most critical thing to be maintained, he said.
Mr Bashir Uddin believes that there is no alternative to increasing the capacity of the private sector to meet the challenges of trade and investment in the future.
He said the student-led popular uprising in July and August in 2024, its subsequent impact on the overall law and order situation, unexpected flood in different parts of the country, and interruptions in supply chain have disrupted business activities locally, but the overall situation has already begun to improve and the government is working tirelessly to further improve the situation.
Speaking on the occasion, President of DCCI Taskeen Ahmed said there is no alternative to radical reforms and modernization of existing framework related to trade and investment, including import-export policy, revenue structure, financial management, logistic policy and national budget and monetary policy, to address the challenges of Bangladesh's post-LDC transition.
Mentioning that Bangladesh could not make adequate preparations for the post-LDC era challenges due to Covid pandemic, followed by the Russia-Ukraine war, unrest in the Middle Eastern region and later a political instability in the country in 2024, he suggested that the government may consider deferring the graduation process for a while to make all-out preparations. Once Bangladesh is graduated, it will lose a lot of preferential treatment on the international market, he added.
He said that the government has to provide necessary support to the private sector to maintain the flow of business and investment by addressing all the challenges even after the LDC graduation.
talhabinhabib@yahoo.com