Prime Minister Sheikh Hasina laid emphasis on expansion of domestic market for Bangladeshi goods reducing export dependency so the economy continues to grow, reports BSS.
“It won’t be proper to only consider export. We will have to focus on creating internal market and increasing purchasing capacity of the people.”
Prime Minister was addressing senior officials of the Commerce Ministry during her visit to the ministry office yesterday.
Sheikh Hasina said the per capita income of the people has increased to $1,190 thanks to various steps taken by the government in last five years.
Commerce Minister Tofail Ahmed also spoke on the occasion, while Secretary 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.
PM 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.”
“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 stressed.
Regarding government intervention to control market, Sheikh Hasina said Bangabandhu had established Trading Corporation of Bangladesh (TCB) in 1972 to ensure affordable products and services for 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 if prices of the essentials are to keep within buyers’ capacity, there is a necessity of controlling.
About sale and consumption of adulterated food and abuse of formalin, Sheikh Hasina said her government has improved BSTI services through modernisation.
“The drive against the adulterated food would continue, while there is a need to create massive awareness among people about formalin.”
Highlighting the country’s success in the export sector, the premier noted the export earnings have almost doubled reaching $30.17bn in the last fiscal year compared to $15.56bn in FY2008-09 earning 94% growth during the years.
She cited huge potentials of processed fish, meat and vegetables and tea in the global market, especially in the Middle East through value addition.
Putting importance on allowing duty-free access of more Bangladeshi products in global market, Sheikh Hasina criticised the role of a country without mentioning name.
“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 asserted.
PM said there is a huge potential for expanding trade and commerce among the South Asia and South-East Asian countries.
She also stressed the need for increasing the number of border huts with India where she thinks Bangladesh will benefit more.
PM suggested the commerce ministry take steps in removing non-tariff barriers.
Sheikh Hasina said the Bangladeshi missions abroad would have to be more active and take steps in expanding trade and commerce.
She noted that the country experiences heavy deficit in edible oil as it has to import almost 90% of overall consumption.
PM emphasised reducing dependency on import of edible oil through raising production including from nut and rice husk.
She mentioned her government has been working relentlessly to turn Bangladesh as a middle-income country well before 2021 and a developed one by 2041.