President for tough actions against fraudulent business syndicate

President M Abdul Hamid today asked the

government to take stern actions against fraudulent business syndicates

responsible for the price hike of essential commodities.

The President said, "You (businessmen) must be careful. The government needs

your cooperation so that the image of the whole business community is not

tarnished by some corrupt people."

He came up with the instructions while virtually addressing the "National

Export Trophy-2017-18" from Bangabhaban this afternoon.

He added: "In a market economy, the prices of essentials' are determined by

the state considering the supply and demand of products. But, now it is not

the lack of coordination between the supply and demand; rather products'

prices are being increased by some dishonest syndicates. It is not desirable

at all."

Citing examples of several countries across the world, President Hamid said

with the advent of various festivals in Bangladesh, including Ramadan and

Eid, the prices of some products go up sharply. But, in many countries, the

prices of products usually go down on the occasion of national, religious and

social festivals.

"As soon as the festivals come here, a section of small and giant traders

wait how the people's pockets can be cut capitalizing the festivals," he


The President carefully advised all concerned to adopt a pragmatic plan

collecting accurate data on demand, production, stocks and shortages of goods

so that no vicious circle can aggravate human misery through manipulation.

The event was jointly organised by the Ministry of Commerce and the Export

Promotion Bureau (EPB) with Commerce Minister Tipu Munshi in the chair at the

Radisson Blu Water Garden Hotel here.

Mentioning the role of traders in trade and investment in the free market

economy, the President said the government never wants to interfere in

anyone's business, but when the public interest is hampered by the greed for

huge profits, the government is compelled to intervene in the matter.

Terming doing business as a good profession in the eyes of Islam, Abdul Hamid

said, "As a trader, producer, investor or exporter, you (businessmen also

have a responsibility towards the society. We shouldn't think of only our own

benefit 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 shining

example of honesty and dedication in every aspect of the business. "

This is their (people) expectation so that the people do not fall prey to

your (businessmen) excessive profits, said Abdul Hamid.

Recognizing the contribution of exporters in keeping the country's economy

dynamic, the President said the National Export Trophy entitled "Bangabandhu

Sheikh Mujib Export Trophy" was a matter of dignity and it would inspire

other exporters as well in days to come.

The President said in the "Eighth Five-Year Plan, the country has adopted an

export-led growth strategy for economic development and a development plan

with utmost importance on exports.

"By increasing exports, we will be able to create more jobs, attract new

investment and, above all, increase national income also", President Hamid


The President also called upon the people concerned to focus on boosting

export-oriented products.

Senior Secretary of the Commerce Ministry Tapan Kanti Ghosh, FBCCI president

Md Jasim Uddin, 'Bangabandhu Sheikh Mujib Export Trophy award winner ASM

Rafikul Islam Noman, managing director of Zaber and Zobaer Fabrics Limited

also spoke on the occasion.

EPB Vice-Chairman AHM Ahsan delivered the welcome address.

Parliament members, dignitaries, business leaders, and high civil and

military officials were present at the function.

Some 66 trophies - - gold, silver and bronze categories---were handed over to

66 companies at the ceremony for their outstanding performance in the export


Source: Bangladesh Sangbad Sangstha (BSS)