PM for creating domestic market for local products

Prime Minister (PM) Sheikh Hasina has laid emphasis on creating a strong domestic market for local products and enhancing the purchasing capacity of people alongside boosting the country's exports through exploration of newer markets abroad.

"We'll have to create a domestic market and enhance the purchasing power of people, or else, the country's economy will not get a strong footing. Apart from boosting exports, we'll have to create a domestic market. Only then, the purchasing capacity of people will increase," she said.

The PM said this while addressing senior officials of the ministry of commerce (MoC) and different bodies under the ministry at the Secretariat in the city Thursday, reports UNB.

Commerce Minister Tofail Ahmed and MoC Senior Secretary Hedayet Ullah Al Mamun were present on the occasion.

In the free market economy, the PM said, the country would have to march forward facing various international challenges keeping the prices of essentials and other products within the purchasing capacity of people considering their socioeconomic condition. "And here this ministry's role is very important."

Sheikh Hasina said the ministry is responsible for formulating, specifying and implementing the import and export policy in line with the country's production and consumers' demands, keeping the prices of essentials within the purchasing capacity of people.

Establishing the rights of consumers, building people-friendly market management in the free-market structure and thus assisting various business bodies are also the responsibilities of the ministry, she added.

"For doing this, there's a need to keep focus on meeting the demand of the country, controlling the prices of essentials and identifying markets for the produced items," the PM said.

In this connection, the PM directed the MoC to look into production, processing, marketing and searching markets for products considering the country's imports and exports since the country is now active with the rising trend of imports, exports and investment.

About the intervention of the government to control the market, Sheikh Hasina said Father of the Nation Bangabandhu Sheikh Mujibur Rahman had established Trading Corporation of Bangladesh (TCB) in 1972 to reach products and services at an affordable price to people and it has to be run more efficiently.

"There'll be no control over the market if the TCB does not run properly. Although there're many big donors who often give many suggestions not realising the reality....to keep the prices of essentials within the capacity of people, there is a need to keep some items under own control," she told the officials.

About the sale and consumption of adulterated food alongside the use of formalin, the PM said, her government has improved the quality and standard of Bangladesh Standards and Testing Institution (BSTI) and the drive against the adulterated food would continue while there is a need to create massive awareness among people about formalin.

Highlighting the country's success in the export sector, the PM noted that the export earnings have almost doubled reaching US$ 30.17 billion in the last fiscal year (FY) with a 94 per cent growth compared to $ 15.56 billion in FY 2008-09. "We'll have to continue this positive flow."

Citing the vast potential of export of processed fish, meat, vegetables alongside tea in the global market, especially in the Middle East, through value addition, the PM stressed that if the exports of these items are boosted in such fashion, the country would not have to rely on others; rather it would stand on its own feet as a dignified nation at global stage.

Stressing the need for pushing for more duty-free access of Bangladeshi products to the global market, Sheikh Hasina, without mentioning the name of any specific country, criticised their role that they often scream for free-market economy but do not give duty-free access for the products of some countries to their own markets. "This dual policy shouldn't continue."

Underscoring the need for boosting trade through regional cooperation, Sheikh Hasina said there is immense potential for expanding trade and commerce among the South Asian and South East Asian countries.

"The MoC would also have to find out markets in the Middle East and Gulf countries."

The PM also expressed the opinion for raising the number of border haats along Bangladesh-India border as she thinks that Bangladesh would be benefited more from this.

The PM suggested the MoC to take steps in removing non-tariff barriers through fixing a strategy for the expansion of regional and global trade.

Apart from maintaining and boosting diplomatic ties, Sheikh Hasina said, the Bangladeshi missions abroad would have to be more active and take steps in expanding trade and commerce as nowadays, trade and commerce are the basics and most important things.

Noting that the country experiences heavy deficit in edible oil as it has to import almost 90 per cent of overall consumption, she emphasised cutting dependence on others for edible oil through raising production, including from nut and rice husk.