Commerce Minister Tipu Munshi
The government will allow the import of eggs after consultation with the Fisheries and Livestock Ministry if the price of eggs does not come down, said Commerce Minister Tipu Munshi on Sunday (August 13, 2023). “If the Ministry of Fisheries and Livestock fixes the price for eggs it can be controlled through drives conducted by the Directorate of National Consumer Rights Protection,” he said while talking to reporters after attending a programme at Mohammadpur Town Hall in the city. At Tk 150 per dozen in Dhaka markets, eggs not an affordable protein source any more As price of eggs soars abnormally the members of Directorate of National Consumer Rights Protection are conducting drives in different wholesale markets in the city and realising fines, he said. “Importing eggs is not under the jurisdiction of the Commerce Ministry and the permission from the Ministry of Fisheries and Livestock is needed for import. A decision regarding import of eggs will be known soon after getting green signal from the Ministry of Fisheries and Livestock,” he said. Hike in egg price: Consumer Rights Protection body realises Tk 10,000 in fine in Faridpur Talking about the price of sugar, Tipu said, “Alongside importing sugar from the international markets, we are also procuring sugar from the local markets to meet the demand due to delay in arrival of sugar-laden ships or unloading complexities.” Replying to a question about importing essential goods from India through quota, the minister said a decision will be taken in this regard as he is going to India this month and will meet the commerce minister of India. Broiler chicken now selling at Tk 230 per kg, egg price down
Bangladesh's Ministry of Commerce has set an export target of $72 billion with 11.52 percent growth for the fiscal year 2023-24. Export target for goods has been set at $62 billion while for the service sector, the target was set at $10 billion. Export target achieved in FY 2022-23 was $64.55 billion, which saw a growth of 5.88 percent. RMG exports to EU grew 9.93% in FY 2022-23: Export Promotion Bureau Goods worth $55.55 billion and services worth $9 billion were exported in FY 2022-23, and the growth were 6.67 percent and 1.25 percent respectively. Commerce Minister Tipu Munshi today (July 12, 2023) made the announcement of the export target and achievements in the previous fiscal in a press conference at the ministry. Prior to the announcement, the minister met with leaders of different business organizations and ministry officials. RMG exports in FY23 almost $47bn, 85% of total exports Business leaders at the meeting urged the government to ensure uninterrupted gas and electricity supply to industries at affordable rates. Otherwise, exports would be negatively impacted, they told the minister. While announcing the new export target, Commerce Minister Tipu Munshi said the global economic slowdown has been considered when setting the new target. Gas and power crises have also been considered while setting the target, the minister said. Exports raked in $55.56bn in FY23, highest in history While replying to a query, the minister said Bangladesh has some advantages including trained labour force, and affordable cost of products. Besides, global entrepreneurs are relocating industries from China due to geo-political reasons, and Vietnam has a labour crisis, the minister said. If Bangladesh can utilize these opportunities, exports can go beyond the target, the commerce minister said. Dollar exchange rate for repatriated export income increased to Tk107.5
The Ministry of Commerce on Sunday (June 25, 2023) fixed the prices of salted cowhides at Tk 50 to Tk 55 per square feet in Dhaka and at Tk 45 to Tk 48 outside Dhaka. Commerce Minister Tipu Munshi disclosed this after a meeting with tannery owners, the Tariff Commission, and related stakeholders at the Ministry of Commerce. The minister said that the price of salted cowhide has been increased by Tk 3 in Dhaka and by Tk 5 outside Dhaka compared to last year. And the prices of Khasi (male goat) and goat skin were kept the same as it was in the previous year. Read: Salted rawhides collection starts Thursday Tipu Munshi said the rawhide prices of sacrificial Khasi (male goat) has been fixed at Tk 18 to Tk 20 and goat Tk 12 to Tk 14. Last year, the price of salted cowhide was Tk 47 to Tk 52 per square feet in Dhaka and Tk 40 to Tk 44 outside Dhaka. And the price of salted skin of khasi was Tk 18 to Tk 20 and goat skin was Tk 12 to Tk14. Tanners will get around Tk 259 crore loans from banks to procure and preserve rawhides during the upcoming Eid-ul-Azha. Read: Steps taken to prevent rawhide smuggling in border areas: Industries Secy According to commerce ministry sources, tannery owners have written to the ministry seeking a Tk 500 crore loan . A total of 12 public and private banks will disburse the loans among applicants with state-owned ones lending the maximum amount. Read more: Govt hikes rawhide prices ahead of Eid
The government has taken adequate measures to ensure sufficient supply of essentials and keep the market stable during Ramadan, said Commerce Minister Tipu Munshi on Sunday. “There will be no crisis of daily essentials and there will be no price hike during Ramadan,” he said while speaking at a programme after inaugurating the month-long Industry and Trade fair at Rangpur Cricket Garden in Rangpur city. He also urged the people of the country to refrain from purchasing many products at a time during the month of Ramadan. The government has taken an initiative to purchase more products at government and private levels and already many products have reached the country while some are on the way to Bangladesh and process is underway to buy more, said the minister. If the consumers buy normal quantity of their essential products then there will be no problem, he said. Also read: Measures in place to ensure supply of essentials in Ramadan: Tipu Munshi Issuing a note of warning, Tipu said stern action will be taken if traders create artificial crisis after hoarding goods and tryto increase the prices of the goods during the month of Ramadan or in the other months. A number of meetings are being held with the people engaged in import, manufacturing and wholesale traders ahead of Ramadan and it will continue as the government is providing all-out support to the business people as per their demands, said the minister.
Commerce Minister Tipu Munshi today said that both financial literacy and good business organizations are must to boost investment in the capital market. The stock market is a crucial sector for the country’s economy, so knowledgeable investors can drive the capital market to be sustainable, he said. The minister said this while speaking as the chief guest at the inaugural session of the Arthosuchak Capital Market Expo-2023, held at Institute of Diploma Engineers’ Bangladesh (IDEB) in Dhaka. Tipu Munshi said that more than 50 percent of money is taken from the capital market in developed economies. “We don’t have that situation in our country. Loans are taken from banks, which is creating several problems in the banking sector. If even 50 percent of the money came from the capital market, business and trade in our country are bound to improve,” the minister said. A group with vest interest is cleverly defining the country’s political and economic development – spreading rumours and lies and trying to mislead people, the minister said. Read more: BSEC working to enhance financial literacy for capital market investors: Prof Shibli “The country has progressed so much, and they say, it is not right. But they can no longer deny the visible improvement. Those who are doing this, they do not want development of this country,” Munshi said. Professor Shibli Rubayat-Ul-Islam, chairman of BSEC, attend the function as special guest, while Ziaur Rahman, editor of Arthya Suchak presided over the program. Chairman of Dhaka Stock Exchange (DSE) Md Eunusur Rahman, Chittagong Stock Exchange (CSE) Chairman Asif Ibrahim, Bangladesh Publicly Listed Companies Association (BAPLC) President Anis Ud Dowla, Bangladesh Merchant Bankers Association (BMBA) President Sayedur Rahman and Dhaka Brokers Association (DBA) President Richard De Rosario, among other, spoke in the function. Read more: IMF for capacity building of capital market in Bangladesh
Prime Minister Sheikh Hasina is expected to inaugurate the 27th edition of the ‘Dhaka International Trade Fair (DITF)-2023’ tomorrow (Sunday) with the aim to put up locals products on the international markets. The largest annual commercial and trade event of the country is going to be held at its permanent venue – “Bangabandhu Bangladesh-China Friendship Exhibition Centre '' – at Purbachal on the outskirts of the capital for the second time. Prime Minister Sheikh Hasina will inaugurate the fair in person. Commerce Minister Tipu Munshi disclosed these at a press conference organised by the Commerce Ministry and the Export Promotion Bureau (EPB) at the Friendship Exhibition Centre. Commerce Secretary Tapan Kanti Ghosh and EPB Vice Chairman AHM Ahsan, Additional Secretary of Commerce Md Hafizur Rahman and Additional Secretary (EPB) Md Abdur Rahim among others were present at the event. Minister Tipu said the quality of products gets standardised when customers can compare between local and foreign products through the fair. He said though the fair is not organised for profit, a spot export order of Tk 200 crore was received from the fair the past year. “We get a chance to put up our products before local and foreign customers through the fair. Though it is located a distance away which created a huge enthusiasm among sellers and buyers,” he said. He said the country exceeded the target of exports last year and this trend is now upward. Read more: Month-long DITF ends on Monday as no time extension was sought “Special initiatives were taken to boost up the export of 10 more products along with the apparel one,” the minister. Terming the IT sector as prospering, he said some 4 to 5 million dollars were earned from this sector within a few days. Apart from this demand for light engineering products is increasing on the international market, he said. This year a total of 331 stalls, including 17 pavilions have been leased out to various local and international organisations. Previously, it used to be held at Agargaon but it was too small to accommodate the large number of participants and visitors. The gate of the international trade fair will open at 10 am every day and close at 9 pm. On government holidays, the fair will run till 10pm. Ticket price for the adults has been fixed at Tk 40 while at Tk 20 for minors. Besides, visitors will get a 50 percent discount on tickets once they book from online. Read more: DITF 2020: Holiday draws large crowd The government will provide a transport facility as 70 BRTC buses have been pressed into service in this regard. These will run from Kuril flyover to the fair venue. Visitors will be able to travel in these buses with a minimum fare of Tk 35. The Dhaka International Trade Fair was first held in 1995. Due to Covid-19 pandemic, it was not possible to organise the fair in 2020. Traders from 10 countries are participating in the fair this year with 17 organisations.
Minimum LC margin or LC zero margin has been allowed for importing essential commodities to meet consumption demands for next Ramadan, said Commerce Minister Tipu Munshi on Wednesday. But because of LC opening other businesses will not suffer, he said. Later, buyers can pay the dues of the commodities after 6 months as per the rules, he added. “Dollars are being supplied as per the market situation in terms of imports. However, for remittance payment the amount is not given less,” he said. The minister said the prices of pulses, oil and sugar, which need to be imported, have increased slightly following increase in the global market. Read more: E-commerce has a billion-dollar prospect in Bangladesh: Tipu Munshi But the prices of agricultural products in the country are low and may stay stable for the next two to three months, he added. He said the prices of imported goods have increased because of higher dollar rates. In line with the dollar rates the prices of those goods are being fixed. That’s why the inflation remained under control compared with other countries, he said. The minister said that the purchasing power of the people is limited. So, as long as it is necessary, one crore families will be provided with essential commodities at subsidized prices through TCB (Trading Corporation of Bangladesh). He said that Prime Minister Sheikh Hasina has asked all to be economic to check the cost of imports. About 40 percent electricity consumption of the country has been reduced through special initiatives. Currently, the difference between the import and export volume has narrowed. Dollars are being saved by reducing imports of luxury goods. On Tuesday, Bangladesh Bank has allowed 8 essential commodities “usance term” (credit for suppliers/buyers) to meet consumption demands for next Ramadan. Read more: LCs under scanner to check money laundering: Tipu Munshi The foreign exchange policy department of Bangladesh Bank on Tuesday issued a circular on 90-day credit facility for suppliers/buyers of these commodities with immediate effect. This facility will remain applicable for the initiation of imports till March 31, 2023. Traders got the opportunity to import edible oil, chickpeas, pulses, peas, onions, spices, sugar, and dates under 90 days of suppliers'/buyers' credit.
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.
It is high time to invest in Bangladesh as the government is providing special facilities for investment, Commerce Minister Tipu Munshi said on Sunday addressing the representatives of Nordic countries. Bangladesh now stands on a strong economy and development is now visible here, he said. Also read: Agriculture sector may follow Spain's Almeria model: Tipu Munshi The minister made this remark at an event on ‘Foreign Direct Investment for Logistic Sector’ organised by the Nordic Chamber of Commerce and Industry in collaboration with Denmark, Norway, and Sweden embassies and the head of the delegation of the European Union at Hotel Westin in Dhaka. Besides, Bangladesh will graduate from the status of the least developed country (LDC) in 2041 by achieving Sustainable Development Goals (SDG) in 2030, he added. The minister said Bangladesh is a big market of about 17 crore people and 45 percent of the people have better purchasing power.
Commerce Minister Tipu Munshi on Wednesday underplayed concern over wheat price saying the country has enough stock of the food grain. He was briefing the media after a meeting of the Task Force committee on commodity prices and market monitoring at the Secretariat. Also read: No impact on shipments of wheat already contracted for export: India He said India's ban on wheat export won't affect Bangladesh which can import it from the neighbouring country through G2G deal. He said India slapped a ban on other countries. He also blamed some unscrupulous businesspeople for price hike of the essentials. Talking about the edible oil, the minister said the price depends on global market.