All institutions destroyed due to looting, says Commerce Adviser
Commerce Adviser Sheikh Bashiruddin has claimed that the rampant looting during the previous government amounted to the equivalent of Bangladesh’s total income for nearly one and a half years. He also said that this widespread corruption has left government institutions dysfunctional and in need of urgent reform.
Speaking as the chief guest at the ERF-Pran Media Award-2024 ceremony at the ERF auditorium on Tuesday (December 10), Sheikh Bashiruddin said, “The Tk 28 lakh crore theft detailed in the white paper report over the past 15 years was orchestrated by a few individuals in the previous government. The damage caused by this looting has crippled key institutions, especially those linked to agriculture.”
He pointed out that agriculture-related institutions are now providing inconsistent data, creating major challenges in decision-making on production and demand, which ultimately disrupts the supply chain. “Agriculture is the backbone of our country, and the system supporting it is vital to our economy. However, it is now severely compromised,” he added.
Commodity prices and market stability
The Commerce Adviser explained the government’s recent decision to increase soybean oil prices, acknowledging the difficulty this posed for consumers but highlighting the necessity of preventing a larger market crisis. He assured that adjustments, including price reductions for other products, are being considered.
Looking ahead to Ramadan, he expressed optimism about market stability. “We expect the prices of essential goods like dates, chickpeas, and pulses to remain stable or decrease. Preparations are in place to ensure a steady supply,” he said.
However, he admitted the government’s shortcomings in managing potato prices this year but emphasised efforts to increase production and explore alternative markets for the future.
Market syndicates and TCB reforms
The Adviser addressed ongoing concerns about market syndicates, particularly in the oil and sugar sectors. “A few producers and importers control these markets. The largest supplier has fled the country, but we’ve managed to maintain supply despite their absence,” he said.
Regarding the Trading Corporation of Bangladesh (TCB), Sheikh Bashiruddin announced plans to overhaul the organisation within the next 4-6 weeks. “TCB receives an annual budget of Tk 11.5 billion, including Tk 4.5 billion in subsidies, but it operates with just 142 employees nationwide. This is unsustainable,” he said.
He also revealed irregularities in the distribution of TCB beneficiary cards and dealer appointments. “We are cleaning up these issues to ensure fairness for beneficiaries. Additionally, we are exploring direct imports of TCB products to bypass local syndicates,” he added.
Systemic changes in pricing and competition
The government is not looking to impose price controls but aims to create a competitive market environment, said Sheikh Bashiruddin. “We are strengthening the Competition Commission and the Department of Consumer Rights Protection to ensure fair pricing through competition,” he stated.
Focus on value-added agriculture
Ahsan Khan Chowdhury, Chairman of PRAN-RFL Group, emphasized the importance of shifting toward value-added agricultural products. “With limited land, Bangladesh should focus on high-value crops like Thailand and Vietnam, rather than competing with large-scale producers like Russia and Ukraine,” he suggested.
He also called for increasing the production and supply of staples such as eggs, chicken, and fish to ensure affordability for the masses.
The event was presided over by ERF President Refayet Ullah Mirdha, with ERF General Secretary Abul Kashem, award judges, and journalists from various media outlets in attendance.
Special guests included Ahsan Khan Chowdhury, PRAN –RFL Group CEO, Shafiqul Alam, Press Secretary to the Chief Adviser, and Muhammad Abdullah, Managing Director of the Bangladesh Journalists’ Welfare Trust. The ceremony recognised outstanding contributions to journalism in Bangladesh.
