Bangladesh Sugar and Food Industry Corporation (BSFIC) is going to import more than 50,000 tons of sugar to meet the deficit in the market, officials said.
The Cabinet Committee on Public Procurement’s meeting approved the Ministry of Industry’s proposal on Wednesday to import the sugar; the meeting was presided over by Finance Minister AMA Muhith.
Additional Secretary of Cabinet Division Mostafizur Rahman said M/S Global Point Import Export Limited will supply the sugar, costing $465.27 per ton, with the help of Singapore-based M/S Agrocorp International Pte. The total cost would stand at Tk263.27 crore.
According to BSFIC, there were 36,660 tons of sugar reserves until November 2. Of that, 20,202 tons are reserved for the military, police, BGB, and Ansar.
As a result, only 16,364 tons of sugar was available for distribution in the local market.
The BSFIC believes the sugar market is not enough to meet emergency requirements. It is also worried the incessant rain and flooding of sugarcane fields this year would result in low levels of production.
Following the Ministry of Industries’ proposal, the prime minister gave permission to import 100,000 tons of sugar to to meet the local deficit.
A London based company ED&F Man Sugar Limited was selected as the supplier at the cost of $470 per ton, totaling Tk 211.32 crore.