Commerce Minister Khandakar Abdul Muktadir said the government is working to keep supplies of essential commodities normal during Ramadan and ensure reasonable prices for consumers.

He said initiatives were being taken to rationalise duties on fruits and dates to reduce import costs, discuss lower interest rates on loans for importing consumer goods, and remove obstacles to transporting and clearing goods. Regular market monitoring will also continue to prevent artificial shortages and unreasonable price hikes.

He made the remarks as the chief guest at an exchange meeting with traders and importers organised by the Chittagong Chamber of Commerce and Industry (CCCI) at the conference room of the World Trade Center in Chattogram on Thursday. The meeting focused on ensuring the supply of essential commodities and market stability.

Outlining preparations for Ramadan and the supply situation of consumer goods, the minister said sufficient supplies of essential commodities, including edible oil and sugar, were in the pipeline. The opening of letters of credit (LCs) for importing these products was also proceeding normally.

He said the government was working in coordination with relevant agencies to ensure uninterrupted supplies during Ramadan and throughout the year.

The minister stressed the need to reduce import costs to keep the prices of essential commodities at reasonable levels. He said work was underway to reduce the effective duty on fruits from 121 percent and bring their prices within the purchasing power of ordinary people.

A letter has been sent to the National Board of Revenue (NBR) seeking a reduction in the duty on dates. He also assured that discussions would be held with the Bangladesh Bank governor on reducing interest rates on bank loans for importing consumer goods.

In response to questions from journalists about unusually high fruit prices, the commerce minister said it was unacceptable for oranges to be sold for BDT 400 to BDT 500 even after duties had been paid.

He noted that prices had fallen significantly following drives by the Directorate of National Consumers’ Right Protection and the administration. Saying that artificial shortages or attempts to make excessive profits in the name of Ramadan or any other occasion would not be tolerated, the minister said monitoring would continue throughout the year to maintain market stability.

Regarding measures to reduce supply-chain costs, the minister said initiatives had been taken to improve the efficiency of Chattogram port and remove obstacles in the transport system to bring the country’s logistics costs down from 16 percent. He stressed the need to improve supply-chain efficiency by simplifying import, cargo clearance and transportation processes.

The commerce minister also outlined other government initiatives to simplify business operations. He said the process of obtaining trade licences was being made fully online, allowing applicants to pay the prescribed fee and download their certificates from anywhere. Work was also underway to modernise the Registrar of Joint Stock Companies and Firms (RJSC) along the lines of Singapore and introduce a system for transferring shares from home after verifying identities through facial recognition and fingerprints.

The minister said a policy decision was also being taken to make pre-shipment inspection (PSI) mandatory for imports of sodium sulphate, or synthetic salt, and bitumen to ensure the quality and transparency of imported industrial inputs.

Responding to journalists about the impact of fuel price increases, he said the government had managed the situation by providing subsidies for a long time. A minimum price adjustment had been made to maintain a balance in the state’s financial capacity. He said initiatives were being taken to reduce duties on other imported goods to prevent additional pressure on the market.

Regarding salary adjustments for government officials and employees, the minister said their salaries had not been increased for 11 years since 2015. Steps were being taken to compensate for the erosion of their purchasing power caused by inflation. He said the measure had not yet been implemented and was expected to be adjusted in phases over one year. So he said it would have no scope to have any real impact on the current market situation.

Business leaders at the meeting also assured that sufficient supplies of consumer goods would be maintained during Ramadan. Meeting chair and CCCI President Mohammed Amirul Haque said businesses were fully prepared to keep the supply of essential commodities and the market situation normal during the upcoming Ramadan. There would be no artificial shortage of major consumer goods, including lentils, chickpeas, wheat, edible oil and sugar. They would regularly monitor market demand and stocks and coordinate with port and customs authorities to ensure the smooth clearance of goods.

The CCCI president described Chattogram as the economic hub of the country and an important centre for regional trade and logistics. He called for ensuring fair opportunities for businesses in the region. He also highlighted the business community’s commitment to conducting business transparently and protecting consumer interests.

Former CCCI President Amir Humayun Mahmud Chowdhury said the current government had succeeded in establishing itself as a far-sighted government. He urged the government to remove unnecessary restrictions that hinder import and export activities and facilitate international trade directly through the national import policy and customs procedures.

Md Abdus Salam, president of the Khatunganj Trade and Industries Association, said businesses were committed to maintaining normal supplies of rice, lentils, chickpeas, wheat, soybean oil, palm oil and sugar this Ramadan, as they did last Ramadan. Although some refineries are temporarily closed, the operational ones are working to meet demand. The market situation is being monitored regularly, and steps will be taken promptly if shortages of any commodity emerge.

He called for stronger coordination among customs, port and government agencies while avoiding harassment of businesses to ensure an uninterrupted supply chain during Ramadan. He stressed the importance of maintaining a supportive environment for the import and clearance of goods.