President for tough actions against fraudulent business syndicate

President M Abdul Hamid has 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 on Thursday afternoon, reports BSS.

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 noted.

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 hoped.

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 sector.