Legal loopholes fuel syndicates, efforts underway to dismantle them: Lutfey Siddiqi
Lutfey Siddiqi, special envoy to the chief adviser on international affairs, today (25 March) said syndicates are slowing down progress in various sectors, including the market, with some laws legitimising their existence, and the government is working to identify and resolve these issues.
Speaking at a seminar on "LDC Graduation: Impacts on the Agro Sector, Export Diversification, and The Way Forward" at the Economic Reporters' Forum (ERF) auditorium in Dhaka, Siddiqi emphasised the need for market competition to control product prices.
He added that the market is not functioning properly due to syndicates, with connections between traders, government officials, and ministry personnel.
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Referring to the inauguration of ferry services in Sandwip, Chattogram, on 24 March, Lutfey Siddiqi noted that the service had remained non-operational for a long time due to syndicates.
He explained that these syndicates operate across sectors, businesses and ministries, often influencing laws to maintain control.
"My job is to solve economic problems daily, one by one. We must eradicate syndicates and eliminate the culture," he said.
KSM Mustafizur Rahman, president of the Bangladesh Agrochemical Manufacturers Association, discussed the pesticide market, worth Tk750 crore, where 20 domestic companies produce only 4% of total demand.
He expressed frustration that policies discourage domestic production while facilitating imports. He added that 950 local companies account for 41% of imports, while seven multinational companies account for 55%, due to policies favouring multinationals.
Chief Adviser's Press Secretary Shafiqul Alam noted that for 20 years, ease of doing business was mostly discussed on paper, but the interim government, led by Professor Muhammad Yunus, is working to ensure real progress.
