United News of Bangladesh

Commerce, Industry and Textile and Jute Minister Khandaker Abdul Muktadir on Thursday said the government has adequate food stocks to keep the market stable during the upcoming month of Ramadan. He said one of the key responsibilities of the Ministry of Commerce is to keep prices of essential commodities stable, and this duty becomes more important during Ramadan. “Although there was no time to take special steps after assuming office, the existing stock situation is positive and sufficient to maintain price stability,” he added. The minister made the remarks while replying to journalists after exchanging greetings with officials of different government departments and party leaders at Osmani International Airport. Responding to a question on development plans for Sylhet, he said he had highlighted these plans during his long election campaign and in the election manifesto. He said the he wants to work on issues directly linked to improving the living standards of people in Sylhet. He said priority will be given to job creation, expansion of IT-related professions and the establishment of an AI centre in the region. The minister said Bangladesh must build capacity to compete globally. Over the next five years, the government will use every day effectively to move the country forward in the global arena with sincerity. Replying to a question on job creation at the Sylhet IT park, he said investment is essential to create employment. He said special policy support is needed for expatriate and local investors in Sylhet, adding that work is underway and visible progress will be seen soon. Among others, Sylhet-3 MP MA Malek, Divisional Commissioner Khan Md Reza-un-Nabi, Range DIG Md Mushfekur Rahman, Metropolitan Police Commissioner Abdul Quddus Chowdhury, Deputy Commissioner Md Sarwar Alam, the acting president of Sylhet Metropolitan BNP, and other party leaders were present at the time.

The newly elected BNP government will take necessary steps to defer Bangladesh’s graduation from the Least Developed Country (LDC) status, Commerce Minister Khandaker Abdul Muktadir said on Wednesday. “We will take all required measures to defer the LDC graduation. Work on the matter has already begun,” Muktadir told reporters at the Secretariat on his first day in office. Muktadir said the government is keen to defer the graduation timeline and will do whatever is necessary to that end. The initiative has started from the Ministry of Commerce and will be pursued in coordination with the Economic Relations Division (ERD) to expedite required communications and procedures. Referring to long-standing demands from business leaders, he said the issue is being treated with utmost priority. “There is no obligation to send a letter within the first week, but we have started working on it from today.” On the recent slowdown in exports, the Commerce Minister said Bangladesh’s export basket remains highly concentrated, with nearly 85 percent of total exports dependent on a single product. To overcome the vulnerability, Muktadir stressed the need for diversification by adding new products and expanding into new markets. The private sector, particularly investment-oriented entrepreneurs, will receive necessary support, he said. Responding to concerns over the Ramadan market, Muktadir said stable supply would ensure market stability. “The government has adequate stocks of essential commodities for Ramadan and the subsequent period, with sufficient supplies also in the pipeline. There is no reason to panic over the Ramadan market.” Explaining the price hikes of certain items at the beginning of Ramadan, he said the increases are often driven by a one-off surge in demand as consumers tend to purchase for the entire month at once, temporarily impacting the retail market. “Such impact does not last long.” Finance Minister Amir Khosru unveils ambitious reform plan on day one Asked whether the onset of Ramadan immediately after the new government assumed office poses a major challenge, Muktadir said managing the holy month will be a crucial test for the government. “We must meet people’s expectations. There is no alternative to success.” On foreign and domestic investment, the minister noted that investment does not flow amid uncertainty. A stable environment is the primary condition for attracting investment, as investors seek assurance of expected returns against their capital and labour. Muktadir said Bangladesh has a large working-age population, with around 2 to 2.2 million people entering the labour market every year. Investment stagnation over the past two to three years has created significant pressure and failure to address the situation promptly could pose serious risks to employment and the broader economy. State Minister for Commerce Md Shariful Alam and Commerce Secretary Mahbubur Rahman were present. Later, the Commerce Minister exchanged views with senior officials and heads of departments under the ministry.