Tipu Munshi
Edible oil prices likely to drop in Bangladesh in line with global market: Commerce Minister
Commerce Minister Tipu Munshi on Thursday said prices of edible oil may fall in Bangladesh in line with declining prices in the international market.
“We have seen that the prices of edible oil are declining in the international market and Indonesia has also withdrawn its ban on exporting edible oil. We will review the prices of oil within five to seven days and will fix new rate. It will take one and a half month time to come into effect,” he said.
Also read:Dealers, retailers betrayed me on edible oil price: Commerce Minister
The minister said these while speaking at a press briefing held at the conference room of the ministry.
The good news is that the price of palm oil has come down and the price of soybean oil has started to decline, he said.
Agriculture sector may follow Spain's Almeria model: Tipu Munshi
Commerce Minister Tipu Munshi said sustainable agro-based development is possible in Bangladesh by following Spain's Almeria Agro model.
“The soil of Bangladesh is fertile and suitable for agriculture. We have huge potential in agriculture. We might be successful by using Almeria’s agro model in Bangladesh. We have seen how Almeria has become successful in agriculture. The application of this model in Bangladesh is possible.”
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Tipu Munshi said this while speaking at a discussion jointly organised by the Almeria Chambers of Commerce and Commercial Wing of the Bangladesh Embassy in Spain on Tuesday (May 24), said a media release on Saturday.
“Bangladesh might follow the agricultural development of once economically poor province Almeria. Almeria has become successful by selecting a model to develop its agriculture and made an example in the country. The success of Almeria’s agriculture is a model to the world.”
Tipu Munshi along with his delegation visited Almeria province from May 23-25, at the invitation of the Almeria Chambers of Commerce.
Efforts on to import wheat from 5 alternative sources: Tipu Munshi
Commerce Minister Tipu Munshi said on Monday that the government is trying to import wheat from five alternative sources, including Ukraine after India banned the exports of the food grain.
India has announced a ban on wheat exports amid the devaluation of taka against the US dollar, he said while addressing a dialogue organised by Bangladesh Secretariat Reporters Forum (BSRF) at the Secretariat.
“But hopefully, India will consider it in case of neighbouring countries. We are continuing negotiations,” he added.
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The minister said the government, instead of controlling the market of daily commodities, should work to keep it stable.
“We are business friendly. We fix the price in line with the global market. If there is a fixed price in the market, the market will remain stable,” said the minister.
He said when the situation in the global market is stable the domestic market also stays stable.
There is a minor issue with the prices of edible oil, sugar and lentils.
“We have to import 90 per cent of the edible oil. The price increases in our country in line with the global market,” he added.
The Russia-Ukraine war has had a huge impact on the food products, he said. And so the minister urged all to be accommodative as there is some crisis ahead.
Dealers, retailers betrayed me on edible oil price: Commerce Minister
Commerce Minister Tipu Munshi on Monday said the dealers and retail businesses betrayed him by increasing the price of edible oil during the month of Ramadan.
“I had made a mistake by urging them to keep the prices of edible oil at a tolerant level during the Ramadan. They (dealers and retailers) did not keep my words. I was wrong,” he said.
He was speaking at a press conference on the market management of the edible oil at his office on Monday.
Admitting his ministry’s failure to control the price hike of this daily cooking ingredient, Tipu said, “It’s our failure. We had asked them not to increase the prices of edible oil. But they did not follow our instructions during the seven days of the Eid celebration. We have directed all organisations concerned to keep the oil prices at a level fixed by the government.”
Also read: Govt approves fresh hike in edible oil price effective Friday
About the syndicate over edible oil, the minister said he didn’t find its existence.
Blaming the retailers and dealers, Tipu said there is no chance of syndication of lakhs of dealers across the country.
“The government has withdrawn 10 per cent VAT on edible oil on March 20 as per our request. The price of soybean oil was reduced to Tk 10 at that time. We have taken weekly information from big companies. Problem was created as retailers and dealers knew that oil prices will be fixed after Ramadan.
Many businessmen hoarded edible oil before Eid. That was the fraud.”
The commerce minister also mentioned that the price of edible oil has also been increased at Tk 10-12 in neighboring India.
Expressing his firm commitment to monitoring the edible oil market regularly, he said, the government will not put pressure on the businesses though. He, however, assured punitive action will be taken against the hoarders.
Tipu said his ministry will provide one crore daily commodities from next June through the Trading Corporation of Bangladesh (TCB).
Also read: Soybean oil price jumps as Indonesia bans export of palm oil
At the press meet, City Group Chairman Fazlur Rahman said he will extend all kinds of cooperation to the government to keep the prices of edible oil stable.
Americans can benefit by investing in SEZs: Tipu Munshi
Commerce Minister Tipu Munshi said the United States is a friend of Bangladesh and if Americans invest in Bangladesh's special economic zones, they will be benefited.
The Minister said this while exchanging views with Peter D Haas, US Ambassador to Bangladesh, at the Secretariat on Thursday.
The United States is a big market for garment exports for Bangladesh. For the sustainable development of the readymade garments sector, Bangladesh has upgraded its labor law to world standard, said the minister.
"Safe and friendly working environments have been created in the factories. Building and electricity safety has been ensured," he added.
There are 157 factories certified by Lead Green Garments Factory of the USA in Bangladesh. Of the top 10 green factories in the world, nine are in Bangladesh. Bangladesh is now the second-largest exporter of readymade garments in the world.
Although the production cost of readymade garments in Bangladesh has increased, the buyers have not increased the price in comparison. It is necessary to ensure fair price of readymade garments in Bangladesh, Munshi added.
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Ambassador Haas said the USA is a development partner of Bangladesh. The development of Bangladesh is now visible. Bangladesh has already graduated from LDC and become a developing country. In the future, US economic and trade relations with Bangladesh will be further enhanced, he hopes.
Commerce Minister said Bangladesh is making efforts to sign trade agreements with various countries like PTA or FTA to create trade facilities.
Additional Secretary of the Ministry of Commerce (Exports) Md Hafizur Rahman, Additional Secretary (FTA) Nur Mohammad Mahbubul Haque, Additional Secretary (Export-2) Md Abdur Rahim Khan were present.
Enough stock of edible oil to keep the price stable: Tipu
Commerce Minister Tipu Munshi on Monday said the government is monitoring the market price of edible oil as there is now a stock of 90,000 tonnes of the essential cooking ingredient..
“Those who will try to manipulate the price will be identified. Besides, the Home Ministry is taking steps to remove any transportation obstacles,” he said told reporters after a meeting of the taskforce on prices of essential items and market situation at the Secretariat.
Following the government’s move to reduce VAT on edible oil, the price of the commodity has come down with the National consumer Rights Association working to keep the supply chain straight, he said.
Replying to a question Tipu, said “The government has fixed the price of edible oil when the global price was $1400, which now sells at $1600. So, we will re-fix the price based on a month-long average.”
Meanwhile, the government has taken steps to unload and transport goods in a short time after completing all necessary processes, he said.
READ: Edible oil price cut by Tk 8 per litre
Besides, steps have also been taken to remove any obstacles in import, retail and dealership level.
The government has strengthened the market monitoring to keep the prices of cooking oil stable. There is no shortage of other commodities in the country, claimed the minister.
Price manipulators to face the music: Tipu
Commerce Minister Tipu Munshi on Monday warned that the government will come down hard on manipulators of commodity prices to prevent any artificial crisis in the market.
He said that there is an additional supply of all types of commodities than the demand, so there is no reason to panic.
The minister was addressing a press briefing on the occasion of World Consumer Rights Day at the Bangladesh Secretariat.
Also read: TCB to provide food support to 1 crore families during Ramadan: Tipu
The government has taken all possible steps to protect the rights of consumers. To ensure this, the National Department of Consumer Protection has launched a hotline service number 16121 titled 'Consumer Window', Tipu said.
“If any consumer's rights are violated, he/she can call this number and lodge a complaint. If the allegation is proved in the investigation, the complainant will get 25 per cent of the fine immediately,” he said.
Replying to a question, the minister asked e-commerce consumers to be more conscious of ordering goods online, he said.
The ministry has initiated to refund the money of e-commerce consumers and gradually all consumers will get their money, he said.
Also read: Edible oil price may go up further: Tipu Munshi
Tapan Kanti Ghosh, senior Commerce Secretary, AHM Shafiquzzaman, Director General (Additional Secretary) Directorate of National Consumers Right Protection, Nur Md. Mahbubul Hoque, additional secretary (FTA), among others, were present at the briefing.
Govt forms taskforce to monitor essentials' prices: Munshi
Commerce Minister Tipu Munshi has said the government is forming a taskforce to monitor essentials' prices, and to conduct a nationwide drive against illegal hoarding.
The minister informed reporters of the development after an inter-ministerial meeting held at the Secretariat on Sunday afternoon to set a work plan for reining in the prices of essential items, despite record food stocks in the government's warehouses.
Moreover, the Commerce Minister said that the number of TCB trucks selling essential goods in Dhaka has been increased to 150, from 50. Overall across the country, the number of such trucks will be increased to 1000 from 500.
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Home Minister Asaduzzaman Khan Kamal presided over the inter-ministerial meeting.
After the two-hour meeting, Munshi told reporters that the impact of the Ukraine-Russia war had been felt in Bangladesh as well.
However, he also said many dishonest traders are taking advantage of this. Strict instructions have been given to the law enforcement agencies in the meeting to monitor markets so that prices do not get out of hand.
Also read: Ministers 'joking' with people about price hike: BNP
Top officials of the administration including Commerce Minister Tipu Munshi, Agriculture Minister Dr. Mohammad Abdur Razzaqu and Police Chief Benazir Ahmed were present at the meeting.
Recently, the prices of soybean oil, onion and other essential commodities have been rising uncontrollably.
Also read: Slashing VAT, taxes on essential commodities during Ramadan under consideration: Home Minister
There has been a huge reaction among the common people, who are not at all pleased to be confronted with such runaway inflation, before they could even recover fully from the pandemic's hit . People from all walks of life are expressing their anger. Various protest programs are also going on in the political arena over the issue.
Bangladesh keen to sign FTA with South Korea, Tipu Munshi tells Ambassador
Commerce Minister Tipu Munshi on Sunday urged the South Korean ambassador to Dhaka for more investment from his country in Bangladesh, whereby they can take advantage of the abundant and therefore cheap human resources here.
“We have long-standing trade and economic relations with Korea as an important business partner and now Bangladesh would like to sign a free trade agreement (FTA) with the country,” he said.
The commerce minister made the remarks when Korean ambassador to Dhaka Lee Jang-Keun called on him at his Secretariat office on Sunday.
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In response Lee said Korea is working to set up a car-manufacturing plant in Bangladesh as Korea considers the country an important partner for increasing trade and investment.
Bangladesh has made unprecedented progress in the last ten years which is now visible, said Ambassador Lee.
“Korea's bilateral trade with Bangladesh is now at its peak. A number of Korean companies are working in various sectors of Bangladesh, including readymade garments and electronic products,” he added.
The Korean Ambassador said that Bangladesh has successfully tackled the Covid-19 situation.
Korean investors, mostly from their private sector, have invested in garment, electronics and other sectors in Bangladesh, operating several companies, which brings an opportunity to increase this investment and trade, Munshi said.
Md. Hafizur Rahman, additional secretary (Export), Nur Md. Mahbubul Hoque, Additional Secretary (FTA), first secretary of Korean embassy Youngmin Seo, among others, was present in the meeting.
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Bangladesh exported goods to Korea worth USD $398.66 million in the fiscal year 2020-21, at the same time imported goods of $ 1126.60 million.
Commerce Minister urges Malaysia to set up industries in Bangladesh
Commerce Minister Tipu Munshi on Thursday urged Malaysia to invest in Bangladesh taking advantage of huge manpower at an affordable cost.
He also emphasized signing of FTA between two countries for enhancing trade as products of both countries have been meeting demands of consumers.
The commerce minister came up with remarks during a meeting with a 14-member delegation led by Malaysian Minister for Plantation, Industry and Commodities Datuk Hajah Zuraida Binti Kamarunddin at his secretariat office.
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Bangladesh is exporting various products including readymade garments, jute products, plastics, light machinery and leather goods to Malaysia.
Munshi said Bangladesh exported goods worth USD $ 306.57 million to Malaysia in the fiscal year 2020-2021, while imported goods worth $1576.89 million. Bangladesh has a huge demand of various Malaysian products including palm oil, furniture, chocolate and fruits.
Malaysia will get huge profit if it sets up factories of these products in Bangladesh, he said.
Visiting Malaysian Minister Datuk Hajah Zuraida said Bangladesh is a friend of Malaysia and an important business partner.
“Ongoing trade and economic relations between the two countries have the potential to grow. In particular, there is a demand for Malaysian furniture, rubber products, chocolate and sugary food products in Bangladesh,” she said.
Both countries can work to increase trade and boost economic cooperation and Malaysia is keen to enhance trade with Bangladesh, Datuk Hajah Zuraida said.
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Additional commerce secretaries AHM Shafiquzzaman, Nur Md Mahbubul Haque, Malaysian deputy (plantation) secretary Mad Zaidi bin Mohd Karli, deputy under-secretary Jaime Yeoh, palm oil board director Dato Dr. Ahmad Parveez bin Ghulam Kadir, among other, were present in the meeting.