United News of Bangladesh

Commerce Minister Khandakar Abdul Muktadir on Tuesday called on Australia to scale up investment in Bangladesh's solar power sector, saying the government is actively working to create a business-friendly environment for foreign investors in renewable energy. The minister made the call during a meeting with Australian High Commissioner to Bangladesh Susan Ryle at the Commerce Ministry in Dhaka. The two sides held wide-ranging discussions on strengthening bilateral trade, investment and economic cooperation. “The government is committed to building an investment-friendly environment and is particularly encouraging foreign investment in the renewable energy sector,” Muktadir said. He said revitalising existing industrial enterprises, establishing new industries and generating employment are among the government's top priorities. “One of our key goals is to activate industrial assets worth approximately $7 billion and attract private investment to make these sectors productive.” The minister specifically urged Australian companies to invest in Bangladesh's solar power generation sector. High Commissioner Ryle said bilateral trade between the two countries currently stands at around $5.14 billion and is growing steadily. She noted that the energy sector, particularly renewable energy, holds significant investment potential in Bangladesh, adding that a high-level Australian delegation is already reviewing opportunities for cooperation in green energy, innovation and technology. She also said that approximately 28,000 Bangladeshi students are currently studying in Australia, making it one of the most important destinations for Bangladeshi students abroad. Both sides expressed interest in expanding cooperation in trade, education and scholarships, capacity building for Commerce Ministry officials, trade negotiations and infrastructure development. Commerce Ministry Secretary (Current Charge) Md. Abdur Rahim Khan was also present at the meeting.

Commerce Minister Khandakar Abdul Muktadir on Monday said Bangladesh has to purchase liquefied natural gas (LNG) at nearly double the earlier price and crude oil at sharply higher rates due to volatility in the global energy market triggered by the Middle East conflict. “Under G2G contracts, we used to buy LNG at $10 per unit, which now has to be purchased at $20. On the other hand, crude oil was priced at $50-60 per barrel, which has now crossed $110. Soon after the formation of the government, fuel prices doubled due to the Middle East war,” he told a seminar organised by the Dhaka Chamber of Commerce and Industry (DCCI) at a city hotel. The sudden outbreak of war created an unexpected havoc that no one had planned for, and managing this situation has now become a major challenge, the minister said. He also noted that fertiliser is being purchased at nearly double the price amid the volatile situation. “We require around 2.6 million tonnes of urea annually. A bulk portion has to be imported because for many years we have not been able to keep our fertiliser factories running throughout the year due to gas shortages. The gas we cannot use to run fertiliser plants has to be imported again using foreign currency. Gas that we used to buy at $456 now has to be purchased in excess of $800.” Muktadir said bearing the high cost of fuel has become “difficult” for the government. “The government’s manoeuvring capability, its financial cushion to prioritise spending has become very limited. The ability to allocate expenditures according to priorities has become extremely difficult for this government.” Highlighting the lack of fuel storage capacity in Bangladesh, he said the country will not have faced the current double cost burden if adequate reserves were available. “Bangladesh does not have proper fuel storage facilities. If we had the capacity to store LNG for two months, we would not have to buy LNG from the spot market at $20 instead of $10.” The minister also said the government plans to expand the tax net rather than increasing taxes. “To bring fiscal discipline, we need to widen the tax base. We are not increasing individual taxes; rather we are expanding the tax net. I believe the NBR and the finance ministry are working with that goal and intention.” He said the government will try its best in the upcoming budget to avoid additional pressure on people, while ensuring industries remain operational despite the energy crisis. Muktadir noted that subsidy pressure remains high in the budget. He said revenue collection as a share of GDP has remained low for a long time, while expenditure, particularly subsidies, continues to rise. Due to international price volatility in power and energy, the government has to provide large subsidies, while agricultural subsidies for fertiliser, electricity and other inputs also continue. As a result, financing development projects is becoming difficult, the minister said, adding that investment in major infrastructure projects, social safety net programmes and human resource development is being constrained. “To meet regular budget deficits, the government has to rely on domestic and foreign borrowing. This increases the debt burden and interest payments, which may create fiscal risks in the future,” he warned. Muktadir emphasised modernising the tax system and expanding the tax net, expressing hope that strengthening digital tax collection platforms will increase revenue and help manage subsidy pressures.

Commerce Minister Khandakar Abdul Muktadir on Sunday said the government has taken various measures to control the market of essential commodities and ensure their supply at reasonable prices. Replying to a starred tabled question from ruling party lawmaker Sarwar Jamal Nizam (Chattogram-13) in the House, the minister said the Ministry of Commerce is actively working to maintain stability in the market and ensure uninterrupted supply of essential goods. He said the government has taken an initiative to update and amend The Control of Essential Commodities Act, 1956 to make it more time-befitting and effective for market control. The minister said the prices of edible oil are currently fixed by the ministry under the existing law and adjusted in line with international market prices and the price was revised three times in the current calendar year. He said the prices of other essential commodities remained mostly stable in the past calendar year while onion prices increased temporarily during mid-year and in December–January but returned to normalcy after import was opened twice through joint decisions of the agriculture and commerce ministries. The minister said a research initiative has been taken by assigning the Bangladesh Institute of Development Studies (BIDS) to review market control models of India, Indonesia and other countries and develop an effective model suitable for Bangladesh. He said the National Board of Revenue (NBR) reduced import duties on sugar, edible oil and dates this year following the Commerce Ministry’s initiative, which helped keep prices stable. The minister told parliament that regular market monitoring drives are being conducted by the Directorate of National Consumer Rights Protection, with daily market inspections in Dhaka and regular operations at district and upazila levels. The number of drives increased during Ramadan and other major festivals. He said meetings were held with producers, importers, wholesalers and retailers to monitor supply and prices while the minister and secretary conducted surprise market inspections, including visits to Chattogram’s Khatunganj wholesale market. The minister added that meetings were also held with LPG importers and distributors to maintain supply and price stability, while banking-related problems of importers and producers were resolved to ensure uninterrupted supply of essential goods. He said special task forces at district level are conducting regular inspections of warehouses, cold storages, supply chains and wholesale markets to monitor prices and ensure minimum price differences between producers, wholesalers and consumers. The Commerce Minister said regular meetings are being held with business leaders and chamber representatives to review and control prices of essential commodities. He also informed that around one crore low-income people are receiving subsidised rice, soybean oil, sugar and lentils through TCB card distribution programme, helping stabilise the market and ensure affordable food supply for the poor. The minister said a pilot agricultural market has been launched in Sylhet by collecting products directly from farmers and it will be expanded nationwide if successful.  

Commerce Minister Khandakar Abdul Muktadir on Sunday underscored the urgency of strengthening debt management and expanding the tax net describing them as the top priorities in the country's current economic landscape. “The government is committed to meeting public expectations and is taking effective measures to steer the country out of the ongoing challenges,” the minister said while addressing the closing session of a seminar titled ‘National Multistakeholder Consultation on Bangladesh Graduation Readiness Assessment’ held at the NEC Conference Room of the Planning Commission. Acknowledging the difficult economic situation Bangladesh is navigating, Muktadir stressed that well-planned initiatives are indispensable to restoring discipline and stability to the economy. He said several large projects undertaken in the past without adequate planning had added significantly to the country's debt burden. “Questions surrounding project costs and implementation processes in a number of cases have further compounded economic pressure.” “Proper management of existing loans and greater caution in undertaking new projects are essential,” he said adding that realistic and productive project selection is key to sustaining development momentum. On taxation, the minister said Bangladesh's tax-to-GDP ratio remains unsatisfactory and must be improved but through base expansion rather than rate hikes. “A significant portion of the economy still remains outside the tax net. Instead of raising tax rates, we must broaden the tax base to enhance revenue collection.” Muktadir also stressed the importance of mobilising greater domestic resources to bolster debt repayment capacity while ensuring sustainable development progress.  

Commerce Minister Khandakar Abdul Muktadir on Monday said there will be no increase in edible oil prices and there is no supply shortage in the market, urging consumers not to engage in panic buying. “Panic buying could create temporary supply pressure in some areas, unnecessarily complicating the situation,” he said while talking to reporters after a meeting with importers and refinery owners to review the overall supply of edible oil at Secretariat. He said the meeting was held to review the situation following media reports over the past few days about an alleged shortage of edible oil in some areas and incidents of selling the product at Tk 2 higher per litre. He also urged the consumers to refrain from buying excessively in panic. Since products are available in the market, unnecessary competition allows unscrupulous traders to take advantage, he said. Mentioning that there is adequate stock of edible oil in the market, the minister said, “We held the meeting to review the situation. We found that there is sufficient supply in the market. In some places, panic buying by consumers may temporarily exhaust stocks in a few shops.” Sharing his personal observation, Muktadir said in a market in the capital, large roadside shops had sufficient stock at fixed prices while a small shop inside the market was attempting to sell limited stock at two to three taka above the official rate per litre. Responding to a question from journalists, he said there is no shortage of edible oil, fuel oil, or gas, urging media and public not to associate these products with “shortage,” which could create confusion. The minister added that market monitoring and supervision will be strengthened and called on everyone to refrain from spreading rumours or panic. The National Consumer Rights Protection Directorate under the Commerce Ministry is already monitoring the market while district administrations will continue their regular drives, he said.  National Board of Revenue Chairman Md. Abdur Rahman Khan and Commerce Ministry Secretary Mahbubur Rahman attended the meeting.    

Commerce Minister Khandakar Abdul Muktadir on Wednesday said the recently signed trade agreement between Bangladesh and the United States is not irreversible and there remains scope for amendment, addition or deletion of provisions if necessary. He said the deal contains elements that could help further strengthen bilateral trade ties in the future and should not be viewed as “wholesale negative” or “wholesale positive.” The minister made the remarks while talking to reporters after a meeting with US Assistant Secretary of State for South and Central Asian Affairs Paul Kapur at the Commerce Ministry. He said the agreement was signed with the aim of expanding economic, trade and investment relations between the two countries. Referring to bilateral trade, the commerce minister said trade volume between Bangladesh and the United States exceeds $8.5 billion while Bangladesh imports goods worth nearly $2.75 billion from the US. As a single country, the US remains one of Bangladesh’s largest trading partners, he said. He said discussions also touched investment, digital infrastructure development and future economic cooperation, alongside trade. Responding to a question about whether the February 9 trade deal was discussed in detail at the meeting, he said it did not come up specifically. “The agreement was signed on the 9th. There was no separate discussion on it today,” he said. Large portion of workforce remains informal; Commerce Minister urges formalization Asked whether issues mentioned in a congratulatory letter from US President Donald Trump — including trade and defence-related matters — were discussed, the adviser said the trade deal was not a topic of discussion at the meeting and military issues do not fall under the Commerce Ministry’s jurisdiction. On allegations that Bangladesh’s interests were not adequately protected in the deal, he said any agreement involves two parties and typically contains provisions favourable to both sides. Responding to another question he said “If you find any problematic provision, you can raise it with us. No agreement is the end of life. Every agreement contains its own clauses for review and self-correction. If we find that any provision requires amendment or modification, there is always scope for further negotiation,” he said. He also urged all not to be overly concerned.  

Commerce, Industries, Textiles and Jute Minister Khondkar Abdul Muktadir on Tuesday said a significant part of the country’s workforce still falls within the informal sector. He emphasized that bringing all sectors gradually under a formal structure is essential for achieving sustainable and balanced national growth. The minister made the remarks during separate meetings of the Tripartite Consultative Council (TCC) and the RMG TCC at the CIRDAP International Centre in Dhaka. Factory workers’ arrears must be paid before Eid: Commerce Minister Highlighting government initiatives for low-income citizens, Muktadir said preparations for the ‘Family Card’ programme, outlined in the election manifesto, are progressing rapidly. Under the programme, each family will receive a card through which support worth BDT 2,500 per month will be provided. While not a direct ration system, the scheme is expected to largely meet ration-related needs. The minister stressed the importance of regular dialogue to address industrial and labor issues and instructed the labor secretary to hold TCC meetings consistently. He said, “Debates or heated exchanges during discussions are part of the democratic process. There is nothing to fear; sustainable solutions can be reached through dialogue.” Decision on US tariffs, trade deal after review: Commerce Minister Muktadir also warned that unless the labor sector is formalized, ensuring compliance with international standards and protecting workers’ rights would be difficult. The meetings, chaired by Labor and Employment and Expatriates’ Welfare and Overseas Employment Minister Ariful Haque Chowdhury, also discussed timely payment of wages and allowances and granting holidays to factory workers ahead of the upcoming Eid-ul-Fitr. The minister urged effective measures to prevent labor unrest in the RMG sector. State Minister for Labor and Expatriates’ Welfare Md Nurul Haque and Prime Minister’s Adviser Mahdi Amin attended as special guests. Other participants included Fazle Hasan Shamim of the Bangladesh Employers’ Federation and TCC Vice President Anwar Hossain. The sessions were conducted by Labor Secretary Md. Abdur Rahman Torfadar and attended by representatives of both employers and workers.

Bangladesh and India have agreed to work towards expanding bilateral trade, Commerce Minister Khandakar Abdul Muktadir said on Monday. “Trade between the two countries has faced various obstacles due to some mutual decisions. Both sides have drawn each other’s attention to reviewing decisions such as the closure of several Indian land ports, border haats and the cancellation of trans-shipment facilities,” he said. The commerce adviser made the remarks while talking to reporters after a meeting with Indian High Commissioner Pranay Verma at his office at the Bangladesh Secretariat. The minister said the high commissioner primarily came as part of a courtesy call to welcome the new government but discussions also covered various aspects of increasing trade between the two countries. Talks included the reopening of some closed land ports, he added. Muktadir said Bangladesh also drew India’s attention to existing restrictions on the export of some products while the Indian side mentioned restarting closed border haats. “There are, in fact, some mutual barriers created by both countries and it is true that these have affected trade relations,” he said the high commissioner would discuss the issues at higher levels in his country while Bangladesh would also raise the matters in the cabinet. Replying to a question, Muktadir said there was no discussion on the future of Indian-funded projects. Asked about the possibility of fuel and food shortages if the Strait of Hormuz is closed due to the Iran war, the minister said shipping costs would rise in that case. “There is no need for immediate concern as the situation could be resolved within a couple of days. If not, the government would take alternative measures and there is currently no shortage of goods in the country, he said.

Commerce Minister Khandaker Abdul Muktadir on Saturday said all outstanding wages and salaries of factory workers must be cleared before the upcoming Eid. He made the remarks while talking to reporters after a view-exchange meeting with administrative officials at Sylhet Circuit House this afternoon. The minister said the government has already sent a letter to the European Union as part of its preparations for free trade agreements to address post-LDC graduation challenges. Decision on US tariffs, trade deal after review: Commerce Minister He added that initiatives will also be taken in phases to sign free trade agreements with Australia, Canada and the United Kingdom. Meanwhile, Expatriates’ Welfare, Labour and Employment adviser Ariful Haque Chowdhury said the government is working to reopen several closed overseas labour markets and positive outcomes are expected within the next month. He also said necessary measures are being taken to ensure timely delivery of passports and police clearance certificates for Bangladeshis intending to go to Spain. Stocks adequate to keep Ramadan market stable: Commerce Minister Water Resources Minister Shaheed Uddin Chowdhury Anne said work is underway on river and canal dredging as well as construction of haor protection embankments ahead of monsoon season. Referring to the government’s zero-tolerance stance against corruption, he said no irregularities would be tolerated in the ongoing works. After the meeting, the minister visited erosion-prone parts of Surma River and Chengar River.

Commerce Minister Khandaker Abdul Muktadir on Wednesday said the government will take a decision on the United States’ reciprocal tariffs and the bilateral trade agreement after reviewing the evolving situation. Talking to reporters after a meeting with business leaders at the Commerce Ministry, the minister said the issue remains under consideration as developments in the US are still unfolding. The remarks came after the Supreme Court of the United States declared the retaliatory tariffs imposed by President Donald Trump illegal, prompting him to announce new global tariffs. Stocks adequate to keep Ramadan market stable: Commerce Minister Muktadir said the US initially declared a 10 percent tariff for all countries, later raising it to 15 percent. However, Bangladesh has yet to receive any official written communication from Washington. “We are hearing announcements through different channels, but nothing has come officially. Under US law, the relevant legal provisions require congressional approval within 150 days. So the scenario is still evolving.” Referring to the trade agreement signed earlier between Bangladesh and the US during the interim government’s tenure, the minister said it is too early to make any definitive comment. “We are examining both the pros and cons of the agreement. It is natural for any deal to have two sides. After a thorough review, we will determine the next course of action,” he said. Bangladesh to seek delay in LDC graduation, says Commerce Minister Responding to a question on whether the agreement was signed hastily or kept confidential, Muktadir said certain non-disclosure agreements were in place during negotiations, describing the deal as a sensitive issue given the importance of the US as a trading partner. “In the current evolving situation, it would not be appropriate to make any unwarranted comments.” About discussions with business leaders, the minister said representatives from various sectors were invited to share their concerns regarding tariffs and the trade agreement. “We discussed sector-specific challenges and other related matters.” Regarding the price situation during Ramadan, the minister said commodities monitored by the Commerce Ministry remain stable in the market. He pointed out that the prices of some vegetables temporarily increased due to bulk buying at the beginning of Ramadan. “At the start of Ramadan, many people purchase a month’s supply at once, and some traders take advantage of the situation. For example, lemons that were selling at Tk 40–50 rose to Tk 120, but later returned to previous levels.” Replying to a question on extortion, the minister said previous governments had made promises to curb the practice without success. “Wait and see. We will deliver through action.” State Minister for Commerce Md Shariful Alam and Commerce Secretary Mahbubur Rahman were, among others, present at the meeting.