FBCCI calls on grassroots businesses to ensure stable prices

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Mahbubul Alam has called on grassroots businesses to remain active to maintain stability in the market for essential commodities.

"We are moving towards a trillion-dollar economy. Though our country is small in size, our market is vast. We have trade relations with many neighbouring countries and regions. Businesses need to be united to take the country's economy forward," he said at a meeting of the Moulvibazar Business Association in Old Dhaka.

Highlighting that the prices of essential commodities like onions and potatoes have remained relatively affordable during the ongoing Ramadan, Mahbubul Alam called for customs cooperation by reducing duties on essential commodities until Eid-ul-Adha.

He also stressed the importance of creating a proper database to maintain a smooth supply chain.

In his speech as a special guest, Md Amin Helaly, senior vice president of FBCCI and convener of the FBCCI Market Monitoring Committee, said that 2.2 million people get employed in the country every year, with most of them joining the private sector.

The private sector, he added, is playing a significant role in strengthening the country's economy and creating jobs. Helaly urged businesses to conduct their activities following regulations and maintain ethical practices.

FBCCI Vice President Rashedul Hossain Chowdhury Rony said that businessmen invest to do business, not to steal. He pointed out that small businesses often do not understand the regulations. But before taking harsh legal actions, he argued, they should be explained the rules and given a chance to respond. He emphasised the need to take everyone along to develop the country.

Directorate of National Consumer Rights Protection (DNCRP) Deputy Director Bikash Chandra Das said their department is governed by law and that harassing businesses is not their objective. He urged businesses to maintain all necessary business information and documents.

DNCRP Assistant Director Abdul Jabbar Mondal expressed his belief that the introduction of a cash memo system could significantly reduce the abnormal price hikes of essential commodities. He also said that if businesses are more aware and outspoken, product adulteration and price control can be tackled effectively.

The meeting was presided over by Haji Md Bosir Uddin, president of the Moulvibazar Business Association, with various officials of FBCCI, police, and business leaders.