Business leaders plan to go tough on extortionists

Business Desk :
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has announced its plan to launch a hotline aimed at ensuring the smooth supply of essential goods and curbing its artificial crisis and extortion during the upcoming holy month of Ramadan.

The businesspeople have also urged the government to solve the problem in opening letters of credit (LCs) saying that it creates barrier to import essential commodities.

FBCCI President Mahbubul Alam made the call at a meeting with entrepreneurs and traders held in Dhaka’s Motijheel on Wednesday.

The apex trade body organised the meeting to review the production, import, storage, supply and overall commodity price situation on the occasion of Ramadan.

Mahbubul Alam said, “During festivals, other countries provide 30-50 per cent discounts on essential products. But in Bangladesh, the situation is the opposite. We should focus on maximum sales with minimum profits.”

“I call on the business associations and market committees to monitor the market on their initiative so that no one can increase the prices. The prime minister asked to take stern action against extortionists. Our hotline will remain open to take action against them.”

He further said, “Maintaining the supply chain is the most important task for us. From import to retailer, all should ensure compliance. We have to focus that no one can create an artificial crisis through stocks and syndicates.

We should also cut out the middlemen.”

The FBCCI president also urged the consumers not to buy all necessary items in the first week of Ramadan because it increases the demand resulting in the price hike.

“There is a huge price gap between the wholesale and retail market. I request the monitoring agencies to take steps in this regard.”

Karwan Bazar Wholesale Raw Market Association General Secretary Saidur Rahman said, “First of all, extortion must be stopped.

Change of hands increases the prices of products. Alcoholics make more profits. It must be supervised through monitoring.”

Haji Md Majed, vice-president of Shyambazar Agricultural Products Traders Association, said, “We hope that onion will be sold at Tk 50-60 per kg in the first week of Ramadan.