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Build up social movement against profiteering

Commerce minister urges businesspeople

Star Business Report
Commerce Minister Faruk Khan yesterday asked businessmen to build up a social movement against profiteering and unscrupulous trade of basic commodities in order to ensure consumer protection rights.
"Social movement could work as an effective tool for combating profiteer ing, hoarding and forming bad syndicates to keep the market stable," the minister said.
He was speaking at a meeting with the leaders of the International Business Forum of Bangladesh (IBFB) at his Secretariat office.
Mahmudul Islam Chowdhury, president of IBFB. led the business delegation.
Regarding profiteers and unscrupulous traders, the minister said, “Enough is enough. Let us boycott them socially.
I do not want.to warn the unscrupulous traders, I hope they will self-correct." he said.
"Make profit, but do not make yourselves profiteers," he advised the businessmen.
He said 95 percent businessmen are honest and fair, but the remaining five percent arc creating havoc in the market.
"We can face those few unscrupulous traders through a social movement," the minister said.
He said the government’s stand on the Trading Corporation of Bangladesh (TCB) is very clear as it plans to reactivate it to intervene in the local market against the emergence of any abnormal price hikes in the local market.
Khan said the ministry has been working on how to project near future prices at wholesale and retail levels in the national dailies, so that no trader can make brisk business from unknow-
ing consumers.
"We have also been working on preparing the 'competition law' to intervene in the market," he said.
He said the government would not act as a regulator; rather it will restore confidence among the businesspeople for running the market efficiently.
The minister made commitments to take measures to provide financial support and remove barriers to smooth business.
In this regard, he particularly wanted to know fro nr the businesspeople how to lower the prices of motorcycles so that the poor villagers can purchase such vehicles for easy transportation.
He said the ministry will also think about the pros and cons of PreShipment Inspection (PSI), as complaints are mounting against such agencies.