Large traders have criticized authorities for failing to control extortion and ensure a steady flow of essential goods, claiming it has become widespread. During a meeting regarding commodity supply for the upcoming Ramadan, organized by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), traders from various markets raised concerns about paying middlemen due to police inaction. They also highlighted the need to address harassment by public officials and market manipulation by big corporations.
Mohammad Farid Uddin, president of the Shyambazar Agricultural Products Traders’ Association, emphasized the prevalence of extortion in their operations, mentioning the burden of paying illegal fees both during loading and unloading. He expressed frustration over police apathy towards the issue and called for the removal of intermediaries, known as “farias,” who inflate prices by 10 to 20 percent.
Omar Faruk, president of the Karwan Bazar Wholesale Traders’ Association, stressed the importance of an uninterrupted supply chain for market stability. He insisted that if goods flow smoothly, prices will remain steady, urging authorities to ensure a fear-free business environment. Additionally, he demanded uniform pricing for soybean oil to maintain price discipline among companies.
Former FBCCI director Md Gias Uddin Chowdhury urged decisive action against extortion, emphasizing the need for concrete measures to eradicate the practice. Traders accused corporate entities of misleading consumers by significantly marking up prices and creating artificial shortages during crises. They also criticized the unjust business practices of large corporations and highlighted the challenges posed by high import duties and bank interest rates.
Representatives from major companies highlighted the impact of energy shortages on production, with concerns raised about logistical issues. Suggestions were made for the government to directly import sugar and edible oil before Ramadan to alleviate pressure on private companies and reduce trader harassment. The complaints and suggestions voiced at the meeting were acknowledged as valid by officials from the National Board of Revenue (NBR) and the commerce ministry, who promised to escalate them for further action.
FBCCI Administrator Md Abdur Rahim Khan chaired the meeting, urging business chambers to collaborate in maintaining stable prices and ensuring a continuous supply of essential goods. He emphasized the need for law enforcement agencies to crackdown on extortionists and vigilance to prevent food adulteration. The opinions and grievances shared at the meeting will be forwarded to relevant departments for necessary actions.