Syndicates have taken hold of economy, market: State minister for industries

State Minister for Industries Kamal Ahmed Majumder, in a dire expression of frustration, said that syndicates have taken hold of both the economy and the market, causing small entrepreneurs to shut their businesses while driving up product prices and creating market instability.

"People are now in despair while going to market. If this syndicate is not busted and broken, the ministers concerned should not continue to hold their positions," he said on Thursday at a workshop, titled "Role of media in the development of the SME sector in the post-Covid-19 situation".

Organised jointly by the Economic Reporters Forum (ERF) and the SME Foundation, ERF General Secretary Abul Kashem moderated the workshop at the ERF conference room in the city's Paltan on Thursday.

Mofizur Rahman, managing director of the SME Foundation, presented a keynote paper at the event, which was presided over by its Chairman Professor Md Masudur Rahman. ERF President Mohammad Refayet Ullah Mirdha also spoke on the occasion.

The state minister expressed his concern that, despite the progress the country has made, chaos and anarchy are yet being created.

In a tone of frustration, he said syndicates have been indulging in rampant looting in the name of business. Despite the country's self-sufficiency in key goods such as rice, lentils, vegetables, fish, and meat, product prices continue to rise.

He attributed the situation to the influence of syndicates.

Majumder highlighted the fact that a significant number of people are unemployed in the country, and small entrepreneurs are not receiving loan waivers, while defaulters are being granted such facilities repeatedly.

He expressed the view that if the money collected from defaulters was disbursed among the small and medium-sized enterprise sector, the country could prosper.

"In my 50 years of political career in Dhaka city, I have seen many people roaming around with briefcases; many of them did not have money and used to borrow cigarettes from others.

"Today, they own banks. They have taken money from state banks and become owners of private banks. I think their names should be disclosed by the finance ministry." 

The state minister expressed his concern that opportunities are being provided to individuals who are getting rich by looting. According to him, the entire economy is now hostage to some people, starting with the banking sector.

"This syndicate must be broken. If the syndicate cannot be broken, then people like us should not continue as ministers," he added.

He lamented and said, "I have seen many people crying while buying daily essentials because they do not have enough money in their pockets to buy goods at such high prices. The only reason for this is the syndicate."

The state minister said that sugarcane growers are the sugar mill workers, due to which looting took place in the sugar mills, resulting in their closures.

"If we had run our sugar mills as usual, the price of sugar in the market would not have increased so much. Now there is a shortage of sugar; sugar cannot be found – these would not have happened," he said, expressing his frustration.

Mofizur Rahman highlighted the challenges of the SME Foundation and said that due to a lack of sufficient funds and manpower, services are not being provided as expected.

He requested that the government come forth with the funds needed.