Commerce Adviser Sk Bashir Uddin has announced that the government is actively working to simplify trade and commerce across the country, ensuring full cooperation for this effort.
He made this statement while chairing a meeting on the current rice stockpile and import situation, held at the Ministry of Commerce's Conference Room at Bangladesh Secretariat.
Food Adviser Ali Imam Majumder attended as an invited guest.
During the meeting, Bashir emphasized the government's commitment to resolving any challenges faced by businesses, particularly addressing the significant price disparity between wholesale and retail rice markets.
He said that the government is determined to identify the real cause behind this gap and find a solution, aiming to maintain a stable market environment.
Bashir said that while rice prices had increased slightly, the overall prices of most commodities had decreased, and he expects rice prices to fall soon.
Food Adviser Ali Imam Majumder provided an update on the food stock, saying that the government currently holds over 1.2 million tons of food stock.
He also mentioned that 100,000 tons of rice would be imported from Myanmar this month, with efforts underway to procure rice from other neighboring countries via government-to-government (G2G) agreements.
Additionally, the government is working to diversify its rice imports by sourcing from multiple countries, reducing reliance on a single supplier.
Majumder also highlighted that rice is being regularly provided to low-income families through the state-run Trading Corporation of Bangladesh (TCB), with 50,000 families receiving 30 kg of rice each under the food-friendly program.
The Ministry of Food's regular operations, such as the Open Market Sale (OMS), continue as well.
Aditya Majumder of Majumder Agro Food Industries raised concerns about the high margin requirements for Letters of Credit (LCs), which he claimed were hindering rice imports.
He requested cooperation from the advisers to lower the LC margin and ensure a steady supply of foreign currency for imports.
Rice trader Nazir Pradhan recommended that the government consider procuring rice through local and international tenders to stabilize the rice market.
Bangladesh Bank's Deputy Governor, Dr Md Habibur Rahman, assured that banks have been instructed to offer full cooperation in opening LCs for importing food products.
He also said that any negligence in this regard would be investigated.
Furthermore, he mentioned that there should no longer be any issues with opening LCs, thanks to an increase in expatriate income.
The meeting also saw contributions from the Secretary of the Food Ministry, Md Masudul Hasan, Chairman of the Bangladesh Trade and Tariff Commission, Dr Moinul Khan, Commerce Secretary (Routine Duty) Md Abdur Rahim Khan, and TCB Chairman Brigadier General Md Mostofa Iquebal.