Commerce Minister
E-commerce has a billion-dollar prospect in Bangladesh: Tipu Munshi
Speakers at a discussion have said that proper regulatory measures could help boost the e-commerce business in Bangladesh by creating a sustainable image of the sector already wounded by some bad examples of fraud in the recent past.
They say the development of the sector is helping the economy in ways as the sector is set to expand further over the next few years.
Citing some research work, they say the business-to-customer e-commerce market in Bangladesh is expected to grow by 17.61% on an annual basis, aimed at reaching Tk65,966 crore in 2022.
The e-commerce market size in 2021 was about Tk56,870 crore and will be around Tk1.5 lakh crore by 2026, they say adding that the sector is gaining momentum through the country’s registered e-commerce companies, non-registered online platforms and social media-based trading pages where mostly young people are engaged as entrepreneurs.
Read more: Tipu Munshi expects sugar prices to drop in line with import duty
Women entrepreneurs repay loans in most cases: Commerce Minister
Commerce Minister Tipu Munshi has said he is confident that bank loans given to women entrepreneurs are repaid in 99 percent cases.
“They don’t run away with the money like the others, at least,” he said.
The commerce minister said this while speaking as the chief guest at an event on the occasion of International Women's Entrepreneurship Day and 5th founding anniversary of Women Entrepreneurs Network for Development Association (WEND) at Gulshan Shooting Club Auditorium on Saturday (November 19) night.
Tipu Munshi said, “We should support our women entrepreneurs. The path for women will not be easy. But they must go forward with courage.”
Read: Sugar prices to be stable soon, says Commerce Minister
"We will take initiative to ensure market access for women entrepreneurs," Munshi said.
Jasim Uddin, President of FBCCI, said that women entrepreneurs face obstacles in getting loans. FBCCI is negotiating with Bangladesh Bank so that they can get loans easily.
"We have opened a wing on behalf of FBCCI to provide business support to new entrepreneurs. All information can be found in that wing. We focus on innovation and creating new designs for women entrepreneurs," he added.
European Union Ambassador in Dhaka, Charles Whiteley, said that it is necessary to ensure that women can easily get bank loans to do business.
"I recently visited Chattogram and Rangamati. Many women there said they have business ideas," he said.
But they do not own any land. So they are not able to use the land as collateral, and as a result, they are not getting loans, he added.
WEND President Dr. Nadia Binte Amin, USAID Feed the Future Bangladesh Trade Activity Chief Mark Shaiman, Export Readiness Fund (ERF) Program Team Leader Dave Runganaikaloo, also spoke at the function.
Read: Target $100 bn export earnings by 2026: Commerce Minister
At the event, WEND presented the 'Special Women's Empowerment Award' to Bangladesh Export Development Bureau (EPB) for taking important steps in empowering women entrepreneurs.
Commerce Minister Tipu Munshi handed over the award to EPB Vice Chairman AH Ahsan.
Sugar prices to be stable soon, says Commerce Minister
Sugar production will rise and prices come down soon as necessary measures, including increasing gas supply, have been taken, said Commerce Minister Tipu Munshi on Thursday.
Sugar production has decreased slightly due to low pressure in gas supply, said the minister at a meeting of the taskforce on reviewing commodity prices and market condition at the Secretariat.
Read more:Govt allowing import of 1 lakh tons of sugar to keep price stable
“However, there is sufficient sugar in our stock,” he added.
The government has taken all kinds of steps to keep the supply of essential commodities stable, Tipu said, adding there no risk of commodity crisis currently in the country.
“Five crore low-income people of the country are being provided with oil, lentils, and sugar every month at affordable prices through one crore cards at the instruction of Prime Minister Sheikh Hasina, said the minister adding, a large number of the people of the country are benefiting from this.
Read more: Wheat being imported from Canada, market to be stable soon: Tipu Munshi
Strict monitoring is continuing to keep the supply, stock and prices of the country's daily necessities stable, he added.
Wheat being imported from Canada, market to be stable soon: Tipu Munshi
Bangladesh's Commerce Minister Tipu Munshi has said traders have started importing wheat from Canada and other countries after the closure of the Ukraine-Russia market due to the ongoing war.
While briefing reporters, he said the wheat issue was raised at the fourth meeting of the task force on reviewing commodity prices and market conditions at the Secretariat on Thursday (November 03, 2022).
“One of the major traders said one of his shipments of 55,000 tons of wheat was stuck at Turkey port but it has now started for Bangladesh. As Ukraine was our main supplier of wheat, the price might be higher for importing from Canada to meet demands for now,” he said.
Read more: Govt to import 500,000 mt wheat Russia, 330,000 mt of rice from India, Vietnam
Tipu Munshi said there is a little shortfall in the amount of wheat to be imported and supply will normalize if Ukraine and Russia lift the ban on export.
The wheat being imported from Canada is also of good quality, he added.
Regarding the price hike of pulses by Tk 10 per kg in the last few days, the minister said, impacted by the global price hike the pulse supply has declined a bit.
“The Tariff Commission will look into this and see if the price increase is reasonable,” he added.
Read more: Russia keen to export 3 lakh mts wheat to Bangladesh
He also said due to rising dollar prices, Bangladesh is not getting the benefit of falling global prices of rod, and cement at the moment.
“People's main focus is on food. If the food production is right, compromises can be made in other sectors,” Bangladesh's commerce minister said.
“Bangladesh can be the right place for investment from Brunei”
Commerce Minister Tipu Munshi on Sunday urged energy-rich Brunei to invest in Bangladesh taking advantage of facilities that the country offers for the foreign investors.
“Bangladesh can be the right place for investment. My request will be to invest in Bangladesh,” he said while speaking as the chief guest at a business meeting with Brunei’s Finance Minister Dr Awang Haji Mohd Amin Abdullah in a city hotel.
The Commerce Minister mentioned countries like India and China where Bangladesh has the opportunity to export whatever it wants apart from its own market of 170 million people.
He also urged the Brunei Finance Minister to remove the discriminatory rule for Bangladeshi immigrant workers who have to deposit $1600 while the amount is only $500 for Malaysian workers.
Highlighting some of the major benefits provided in Bangladesh foreign investment policies, the minister informed, besides the gigantic domestic market, investing in Bangladesh will offer additional access to the Indian and Chinese market as these two markets allow most of the made in Bangladesh products duty free.
Read: Brunei Sultan due Saturday; 3 cooperation deals likely to be signed
State Minister for Foreign Affairs Md Shahriar Alam also spoke at the meeting chaired by President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Jashim Uddin.
He also highlighted the contributions of Bangladeshis, especially that of the construction workers.
The State minister urged Brunei to appoint more Bangladeshi manpower as Bangladesh has been focusing more on creating skilled manpower.
Bangladesh may offer a dedicated economic zone for ASEAN countries if Brunei provides capital and marketing assistance, he said.
Issues related to trade and investment, recruitment of skilled workers from Bangladesh and using port facilities were discussed in the meeting.
Dr Amin was appointed as the Minister at the Prime Minister's Office and Minister of Finance and Economy II on September 27, 2018 and re-appointed on June 7, 2022.
Minister Dr Amin said the two countries have the opportunity to work together on trade and investment fronts and explore opportunities to create a regional hub in terms of transportation. “We are expanding our seaports at the moment.”
A memorandum of understanding (MoU) signed between ZES Trading and Ghanim International Corporation was signed to introduce Halal food from Brunei in the Bangladeshi market.
Dr Nur Rahman from Ghanim International and FBCCI director Dr Kazi Ertaza Hassan, CIP signed the MoU on behalf of their organizations.
Dr Amin informed that Brunei port is nearer to China, and therefore using the port as a transshipment hub would save time and money of Bangladeshi businesses.
Minister of Home Affairs Ahmaddin bin Haji Abdul Rahman praised the contribution of the skilled Bangladeshi manpower in keeping Brunei economy afloat.
FBCCI President Jashim Uddin urged the visiting delegation from Brunei to consider Bangladesh as their next trade and investment destination.
“We have ongoing development projects to facilitate investment,” he said, mentioning deep seaports, 100 special economic zones, hi-tech parks, tourism parks, nuclear power plant, metro rail, LNG terminal and construction of road and rail on bringing the whole country under a common network.
“So, our story is now very different from what it was before and Brunei can choose Bangladesh as their next destination for trade and investment,” said the FBCCI President.
Read: Momen looking forward to Sultan of Brunei's visit
Indian businesses for investing in fuel, transport: Commerce Minister
Commerce Minister Tipu Munshi on Saturday said Indian businesses have expressed their interest in investing in some sectors like fuel, transport and agro processing in Bangladesh.
He said this while responding to queries from journalists at his residence on Central Road in Rangpur city.
Minister Munshi said the Indian investors expressed the interest and sought cooperation while holding meeting with Prime Minister Sheikh Hasina during her a four day state visit in the neighbouring country.
Upon the discussion, the premier also assured them of offering of all sorts of cooperation in doing business, he said.
Terming the prime minister’s visit as effective, he said the Indian Adani Group proposed to invest Tk 4,000 crore to the Bangladesh.
“Indian Prime Minister Narendra Modi also sought Bangladesh beside it to go ahead,” the minister said.
He hoped that the Tessta water sharing deal will be done within a short time as a positive response from the West Bengal came in this regard – although he didn’t
Replying to a question, the commerce minister said the price of soybean oil will be decreased one more step after adjusting with the global market soon.
Read: Govt doing its best to rein in prices of essential commodities: PM
Munshi also said that prices of essential commodities will be cut as initiatives have been taken to export food gains from countries including Russia and Ukraine.
Elaborating the government measures, he claimed that ten million people of the country have been enjoying cheap rates of essential commodities through Trading Corporation of Bangladesh across the country.
Trade deficit in FY 2021-22 is $21,528.74 million: Commerce Minister
Commerce Minister Tipu Munshi in the Parliament today (September 1, 2022) claimed that prices of daily essentials are at a tolerable level.
In response to a question from Jatiya Party MP from Kishoreganj, Mujibul Huq, Tipu Munshi said that several steps have been taken to keep prices of essentials within the reach of the masses.
In response to Awami League MP, elected from Brahmanbaria, Ebadul Karim's question, the Commerce Minister said that Bangladesh exported goods to 203 countries in the financial year 2021-22.
Out of these, Bangladesh has trade deficit with 91 countries and trade balance with 112 countries is in favour of Bangladesh.
In the 2021-22 financial year, exports are worth 60, 971.26 million dollars and imports worth 82, 500 million dollars.
That means the trade deficit in the financial year 2021-22 is 21, 528.74 million US dollars.
In response to Awami League MP elected from Dhaka Benazir Ahmed, the Minister said that trade deficit with SAARC countries in the financial year 2021-22 is 11, 986.98 million US dollars.
In the 2021-22 financial year, trade deficit with China is 19,353.37 million US dollars.
The minister said that some 8930 products (98 percent) have received duty-free, quota-free access to the Chinese market due to the government's efforts from today.
Also read: Bangladesh’s trade deficit widens to over $27bn in 10 months
As a result, exports to China will increase and the trade deficit will decrease, he said.
In response to AL MP elected from Bhola Ali Azam, Food Minister Sadhan Chandra Majumder said that currently (as of August 30, 2022) the country has 19,50,531 metric tons of food grains.
Among them are 17,33,300 metric tons of rice and 1,41,118 metric tons of wheat.
He said that to import wheat from Russia and rice from India, Myanmar and Vietnam, the government is going for G2G system.
In response to another question from the same MP, the food minister said that the total food grain consumption of 16.52 crore people of the country is 233.35 lakh metric tons.
Out of this, 221.41 lakh metric tons are rice and 11.94 lakh metric tons of wheat.
In the financial year 2021-22, the production of food grains was 389.29 lakh metric tons, Which is more than the demand.
Stating that there is no possibility of food crisis in the country, the minister said that according to the National Food and Nutrition Security Policy, 10.5 million metric tons of foodgrains are supposed to be kept in safety stock, but currently there is more stock than this.
In response to Jatiya Party MP elected from Pirojpur Rustam Ali Faraji, the Food Minister said that in the financial year 2021-22, 15,44,145.8 metric tons of rice, 19,95,539.6 metric tons of edible oil, 699,129.3 metric tons of onions and 54,237.6 metric tons of garlic have been imported.
In response to Jatiya Party MP elected from Rangpur Mashiur Rahman Ranga, the minister said that in the financial year 2021-22, 67,02,688.5 metric tons of wheat, 27,77,468.8 metric tons of oilseeds, 27,08,049 metric tons of sugar, 3,63,107.5 metric tons of spices, 12,48,392.7 metric tons of pulses, 12,36,131.4 metric tons of fruits, 1,56,246.2 metric tons of dairy products have been imported.
In response to a question of AL MP from reserved seats for woman Begum Nazma Akhtar, Expatriates Welfare Minister Imran Ahmed said that according to the information of the Expatriate Welfare Desk, 4,08,408 workers have returned from abroad in 2020 during the pandemic. Besides, in 2021 some 34, 494 workers have returned without pass till May.
Also read: Bangladesh’s trade deficit rose to $30.81 billion in 11 months
In response to AL MP elected from Bhola Nurunnabi Chowdhury, the Minister of Expatriates Welfare and Overseas Employment said that some 73,19,316 workers have been sent to different countries from the financial year 2008-2009 to the financial year 2020-21.
According to the minister, the highest number of people went in the financial year 2016-17 which is 8,93,739 people.
The lowest number is 2,71,445 people in the financial year 2020-21.
Edible oil prices likely to drop soon: Commerce Minister
Commerce Minister Tipu Munshi on Tuesday hinted that the price of edible oil might be lowered.
"The price of edible oil in the international market has declined. If the price of the dollar does not rise and goes lower, then it will have a positive impact on the market," Munshi said
The commerce minister was speaking after a meeting held at his ministry on Tuesday regarding prices of daily necessities and market conditions.
The Bangladesh Trade and Tariff Commission (BTTC) will hold a meeting soon on this matter, he added.
Read:Govt to soon fix prices of 9 daily essentials
"We have increased the price of edible oil several times and reduced it three times so far. You will see that in soybeans, price increased by Tk 6-7, and palm oil price decreased by Tk7."
"As we import more palm oil than soybean, the overall impact will be favourable," he hoped.
"The good news is that palm oil prices are decreasing and soybean prices are also on the path of decline. New prices will be fixed after assessing all prices in the meeting to be held soon," said Munshi.
Earlier on Monday, the government lowered fuel oil prices by Tk5 per litre, 23 days after raising them by between 42-52 percent.
No bar to import food from Russia, Ukraine: Tipu
Commerce Minister Tipu Munshi on Thursday said the government has no restrictions on importing food products from Russia and Ukraine or any other country.
The minister was talking to the media after a top level government meeting on import of food grains and products held at the secretariat.
He said the importing of food products was discussed at the meeting in detail, and there is no national or international issue regarding this.
Also read: Time to invest in Bangladesh, Tipu Munshi tells Nordic countries
The overall condition of food stock of the country was discussed along with exports today but the matter of fuel oil didn’t come up, said the minister.
“There are globally 24 banks from where Bangladesh can import food with dollars if necessary,” said Tipu.
Also read: Agriculture sector may follow Spain's Almeria model: Tipu Munshi
Replying to a question he said,” The matter of finding lower rate of dollar is a different matter and we didn’t discuss about it.”
Tariff commission to sit soon for readjusting edible oil price: Minister
Commerce Minister Tipu Munshi said on Thursday that Bangladesh Trade and Tariff Commission will soon decide whether the proposal of Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association to increase edible oil price by Tk 20 a liter is justified or not.
“Price of edible oil has come down in global market. But Dollar rate is high in our country and for this reason we are not getting the benefit which we were supposed to get due to fall in oil price. However, the Tariff Commission will examine the matter,” he said.
Tipu said this after attending the cabinet meeting at the secretariat.
Replying to a question, the Minister said that it’s not the Commerce Ministry’s job to monitor price hike of essentials by traders following the fuel price hike.
Read: CAB urges govt to readjust edible oil prices
“Fuel prices have been raised after adjusting with prices in the neighboring countries. If the current diesel price is taken into consideration, it’ll be found that the government is still incurring a loss of Tk 8 per liter,” said the Minister.
The association proposed increasing edible oil price in line with rapid increase in dollar price.
If the association’s demands are met, price of edible oil will increase from Tk 185 to Tk 205 per liter, while price of non-bottled Soybean oil will shot up to Tk 180 from Tk 166 a liter and a five liter bottle will be sold for Tk 960, up Tk 50 than the current rate.