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Bangladesh - April 9, 2022

President for tough action against business syndicate

Staff Correspondent: President M Abdul Hamid yesterday asked thegovernment to take stern actions against fraudulent business syndicatesresponsible for the price hike of essential commodities.
The President said, “You (businessmen) must be careful. The government needsyour cooperation so that the image of the whole business community is nottarnished by some corrupt people.” He came up with the instructions while virtually addressing the “NationalExport Trophy-2017-18” from Bangabhabanlast afternoon.

He added: “In a market economy, the prices of essentials’ are determined bythe state considering the supply and demand of products. But, now it is notthe lack of coordination between the supply and demand; rather products’prices are being increased by some dishonest syndicates. It is not desirableat all.”

Citing examples of several countries across the world, President Hamid saidwith the advent of various festivals in Bangladesh, including Ramadan andEid, the prices of some products go up sharply. But, in many countries, theprices of products usually go down on the occasion of national, religious andsocial festivals.

“As soon as the festivals come here, a section of small and giant traderswait how the people’s pockets can be cut capitalizing the festivals,” henoted.

The President carefully advised all concerned to adopt a pragmatic plancollecting accurate data on demand, production, stocks and shortages of goodsso that no vicious circle can aggravate human misery through manipulation.

The event was jointly organised by the Ministry of Commerce and the ExportPromotion Bureau (EPB) with Commerce Minister TipuMunshi in the chair at theRadisson Blu Water Garden Hotel.

Mentioning the role of traders in trade and investment in the free marketeconomy, the President said the government never wants to interfere inanyone’s business, but when the public interest is hampered by the greed forhuge profits, the government is compelled to intervene in the matter.

Terming doing business as a good profession in the eyes of Islam, Abdul Hamidsaid, “As a trader, producer, investor or exporter, you (businessmen alsohave a responsibility towards the society. We shouldn’t think of only our ownbenefit without thinking of the suffering to mass people.”

The president said, “People want you to do business at a reasonable profit.We must give up the mentality of becoming rich overnight and set a shiningexample of honesty and dedication in every aspect of the business. “

This is their (people) expectation so that the people do not fall prey toyour (businessmen) excessive profits, said Abdul Hamid.

Recognizing the contribution of exporters in keeping the country’s economydynamic, the President said the National Export Trophy entitled “BangabandhuSheikh Mujib Export Trophy” was a matter of dignity and it would inspireother exporters as well in days to come.

The President said in the “Eighth Five-Year Plan, the country has adopted anexport-led growth strategy for economic development and a development planwith utmost importance on exports.

“By increasing exports, we will be able to create more jobs, attract newinvestment and, above all, increase national income also”, President Hamidhoped.

The President also called upon the people concerned to focus on boostingexport-oriented products.

Senior Secretary of the Commerce Ministry TapanKanti Ghosh, FBCCI presidentMdJasim Uddin, ‘Bangabandhu Sheikh Mujib Export Trophy award winner ASMRafikul Islam Noman, managing director of Zaber and Zobaer Fabrics Limitedalso spoke on the occasion.

EPB Vice-Chairman AHM Ahsan delivered the welcome address.
Parliament members, dignitaries, business leaders, and high civil andmilitary officials were present at the function.

Some 66 trophies – – gold, silver and bronze categories—were handed over to66 companies at the ceremony for their outstanding performance in the exportsector.

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