Promote domestic market, improve purchasing power:Daily Sun

Prime Minister Sheikh Hasina Prime Minister Sheikh Hasina on Thursday called for concerted efforts to promote a domestic market for indigenous commodities as well as to improve purchasing power of the general public for a sound economic base. “The domestic market would be created only when purchasing power of the commoners is improved,” she said, adding that people’s buying capacity has risen to a
n extent as their per capita income has increased. “The per capita income of people has been increased to $1,190 thanks to various steps taken by the government in the last five years,” the premier said. Hasina made the comments while addressing a view-exchange meeting with top officials of commerce ministry at the secretariat. Commerce minister Tofail Ahmed also spoke at the event where secretary Hedayet Ullah Al-Mamun, among others, was present. Citing that the country is facing various challenges in the open-market economy, the PM said, “We should advance by overcoming all challenges and go ahead in consideration of our own socio-economic conditions.” She underpinned the importance of running Trading Corporation of Bangladesh properly for the vital role it plays in controlling the local market. Hasina called upon the officials concerned to take strict measures to monitor market with a view to preventing food adulteration and checking food products mixed with harmful chemicals. She advised them to strengthen the drive against food adulteration and formalin mixture to widen the activity of mobile courts. On sales and consumption of adulterated food with formalin, Hasina said the government has raised the standards of BSTI through modernisation. “The drive against adulterated food will continue. There is also a need to create massive awareness among people about formalin.” Hasina also advised to take a stronger step to expand market for export and import, side by side enhancing regional cooperation with friendly countries. Ministry sources said they have taken some initiative to increase export income as per the ‘6th Five-Year Plan’ alongside preparing a national trade portal to prevent trade-related corruption and mal-strategies. The ministry presented a report to the PM with steps and initiatives it took in the last one year for developing trade and commercial activities. It is going to undertake some strategies in order to increase export earnings. Last year, the ministry participated in 29 international fairs, awarded national export trophy, opened new mission in South Korea, prepared export policy guideline, provided skill training to RMG workers, established a garment village, sent trade delegations to several countries, signed bilateral trade deals with 28 countries, sought duty-free access of products from 89 countries, organised local trade fair and took steps to regain GSP facility from the US. It proposed to form committees comprising city corporations, municipalities and upazila parishads under local government division with an aim to keep market prices and supply side stable. The committee will coordinate to link all the ministries concerned with commerce ministry. The report said qualitative research is needed to uphold standards of commodities in market diversification as well as to enhance export earnings. The ministry has decided to form a new committee comprising officers from ministries and departments conserved to reopen closed mills and factories to expand trade and commercial activities. Besides, a decision was made to bring commerce ministry, tariff commission, export promotion bureau, consumer rights protection department, office of the controller of export and import, TCB, joint stock companies and farms under accountability.