Advisor to the Ministry of Commerce Sheikh Bashiruddin has told rice importers and traders that the government is working to make business easier. All practical cooperation will be ensured.
He said this while presiding over a meeting on the rice stock and import situation at the conference room of the Ministry of Commerce at the Secretariat on Tuesday (January 07, 2025) afternoon. Advisor to the Ministry of Food Ali Imam Majumdar spoke as an invited guest at the meeting.
Stating that the government will try to resolve any problems faced by traders, the Commerce Advisor said, “There is a big gap in the price of rice in the wholesale market and the retail market. We want to find out the real reason and solve it. We want to ensure a normal market environment.”
Sheikh Bashiruddin said that the prices of most products have come down. The price in the rice market has increased slightly, he expressed hope that the price will come down very soon.
Ali Imam Majumder, advisor to the Ministry of Food, said that the government’s food stock is now over 1.2 million tons. One hundred thousand tons of rice will arrive from Myanmar this month. Efforts are underway to procure rice from other neighboring countries on a G2G basis. He also mentioned that the government has taken the initiative to procure rice from multiple sources instead of relying on imports from a single source.
Ali Imam Majumder also said that rice is being provided regularly to low-income people through TCB. Fifty thousand families are receiving 30 kg of rice each under the food-friendly program. In addition, the regular activities of the Ministry of Food, OMS, are ongoing.
Aditya Majumder of Majumder Agro Food Industry said that banks are not willing to open LCs. LCs have to be opened at a hundred percent margin. This is hindering importers from importing rice.
At this time, he sought the cooperation of the two advisors to reduce the LC margin and ensure dollar supply.
Rice trader Nazir Pradhan said that during the official procurement of rice, traders competed to buy paddy, which led to an increase in prices. He advised the government to procure rice through local and international tenders to keep the rice market stable.
Bangladesh Bank Deputy Governor Dr. Md. Habibur Rahman said that banks have been instructed to provide overall cooperation in opening LCs. Any negligence in opening LCs for food products will be investigated. He also mentioned that there will be no more problems in opening LCs as expatriate income has increased.
Secretary of the Food Ministry Md. Masudul Hasan, Chairman of the Tariff Commission Dr. Mainul Khan, Secretary of the Commerce Ministry ((Routine Responsibilities) Md. Abdur Rahim Khan, TCB Chairman Brigadier General Md. Mostafa Iqbal, Bangladesh Bank Deputy Governor Dr. Md. Habibur Rahman, rice importer Aditya Majumdar and businessman Nazir Pradhan spoke at the meeting.
