Industries Minister Nurul Majid Mahmud Humayun announced on Sunday in Parliament that the government is actively working to stabilize the market to prevent consumer hardship during the upcoming Holy Ramadan.
The statement was made in response to a question from Awami League MP Mahfuzur Rahman Mita, elected from Chattogram.
Acknowledging the current market instability, Humayun attributed the volatility to various global factors and emphasized the importance of maintaining stability during the fasting month.
Highlighting Bangladesh's reliance on imported sugar and the existence of 17 sugar mills in the country, the minister pointed out the challenges in sugarcane production, which requires years of cultivation.
He emphasized the need for mechanical advancements and a shift in agricultural practices to ensure the sustainability of sugar production.
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To address the challenges faced by sugar mills and the high cost of production, the government has embarked on a multi-faceted approach, including the modernization of sugar mills and promoting the processing of other crops like fruits.
Humayun also revealed that the government has already signed contracts, and foreign investors and local entrepreneurs are showing a keen interest in these initiatives. He highlighted the challenges of competing with private manufacturers who import raw materials, and the high cost of production in domestic mills.
Concluding his remarks, the minister expressed confidence in the government's new strategies to make sugar mills more efficient and realistic.