PM urged ministry of commerce for creating domestic market to strengthen economy

"It won't be proper to only consider the export. We will have to focus on creating internal market and increasing the purchasing capacity of the people, which is most important for the country's economy," she said.

"The foundation of our economy won't be strengthened, if we can't create domestic market and raise the buying capacity of the people," she said.

Sheikh Hasina said the domestic market would be created when the buying capacity of the common people would go up. She, however, mentioned that the buying capacity of the people has been surged to a great extent as the per capita income of the people has increased.

"The per capita income of the people has been increased to US Dollar 1190 thanks to various steps taken by the government in the last five years," she said.

The Prime Minister said this while addressing senior officials of the Commerce Ministry during her visit to the ministry at Bangladesh Secretariat here this morning.

Commerce Minister Tofail Ahmed spoke on the occasion, while Secretary of the ministry Hedayet Ullah Al-Mamun was present.

Sheikh Hasina said the main task of the commerce ministry is to specify the import-export policy and its implementation by keeping consistency with the country's production and demands of the consumers.

"Keeping this in mind, we will have to control inflation by keeping the prices of essentials within buyers' capacity and establish rights of the consumers," she said.

The Prime Minister said Bangladesh has been facing various challenges in the open market economy. "But we will have to advance by encountering these challenges and take steps by considering our socioeconomic condition," she said.

"We will also have to take measures by considering the demands of the people, access to the world market and producing the goods which have demand in the global market," she said.

Regarding the intervention of the government to control the market, Sheikh Hasina said that Father of the Nation Bangabandhu Sheikh Mujibur Rahman had established Trading Corporation of Bangladesh (TCB) in 1972 to reach products and services at an affordable price to the people.

"There will be no control over the market if TCB is not run properly although there are many big donors who often give many suggestions not understanding the reality," she said.

She said to keep prices of the essentials within the buyers capacity, there is a need to keep some items within own control. "Its presence will have an impact on the market," she added.

About the sale and consumption of adulterated food alongside the use of formalin, Sheikh Hasina said that her government has raised the standard of BSTI through its modernization.

"The drive against the adulterated food would continue, while there is a need to create massive awareness among people about the formalin," she said.

Highlighting the country's success in the export sector, the Premier noted that the export earnings have almost doubled reaching $ 30.17 billion in the last fiscal year with a 94 percent growth compared to $ 15.56 billion in 2008-09 fiscal year. "We'll have to continue this positive flow," she said.

Opining that trade and commerce infuse blood into the economy of a country, she said that the overall interest and development of the country would have to be considered while doing trade and commerce.

Citing huge potentials of processed fish, meat and vegetables alongside tea in the global markets especially in the Middle East through value addition, the Prime Minister stressed if the export on these items are boosted in such fashion, the country would not have to rely on others rather it would stand on its own feet as a dignified nation in global arena.

Putting importance on allowing duty-free access of more Bangladeshi products in global market, Sheikh Hasina in this connection criticized the role of a country.

"The country is always vocal about free-market economy but does not give duty-free access of the products of some countries to its own market. This dual-policy should not continue," she said.

Underscoring the need for boosting trade through regional cooperation, the Prime Minister said that there is a huge potential for expanding trade and commerce among the South Asia and South East Asian countries. "The Commerce Ministry would also have to find our markets in the Middle East and Gulf countries," she said.

She also opined for raising the number of border huts along Bangladesh-India border where she thinks that Bangladesh would gain more profit for this.

Sheikh Hasina suggested that the Commerce Ministry taking steps in removing the non-tariff barriers through fixing strategy towards expansion of regional and global trade.

Apart from maintaining and boosting diplomatic ties, Sheikh Hasina said that the Bangladeshi missions abroad would have to be more active and take steps in expanding trade and commerce as now a days, trade and commerce is the basic and most important thing.

Noting that the country experiences heavy deficit in edible oil as it has to import almost 90 percent of overall consumption, the Prime Minister emphasized reducing dependency on import of edible oil through raising production including from nut, rice husk.

She said that the Consumers Rights Act has been enacted and the Consumer Rights Directorate established to protect the rights of the consumers.

"The activities of the directorate has already been expanded up to district level, while consumer rights committee has been formed at upazila level," she said.

Sheikh Hasina said that dynamism has been infused into the country's economy due to various steps of her government over the last five years.

She mentioned that her government has been working relentlessly to turn Bangladesh as a mid-income country well before 2021 and a developed one by 2041.
-BSS
Photo Credit: Yeasin Kabir Joy