FBCCI: Supply chain transparency to stabilise market

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) today (24 March) called for measures to ensure transparency in the supply chain to stabilise the prices of essential commodities.

FBCCI Senior Vice President Md Amin Helaly during a meeting of the trade body's price monitoring committee in Dhaka said that while most businessmen prefer transparency, a handful are tarnishing their reputation.

"An ideal businessman can never be a black marketer. People often criticise businessmen over the price of goods. We need to resolve this by ensuring transparency," he said.

Helaly called on the market committees to submit a specific list of problems and obstacles in each capital market to the FBCCI which will be discussed with the government.

He warned businessmen who destabilise the supply chain, saying that the supply chain must be freed from the influence of invisible hands to keep the price of goods within the reach of the common people. "We will work actively to stop visible and invisible extortion in the markets," he said.

The meeting included representatives from retail, wholesale, and trading sectors across the capital. Discussions centred on concerns regarding market instability and rising essential commodity prices.

Licensed traders present at the meeting denied responsibility for price hikes, attributing them instead to unlicensed middlemen and street vendors.

They raised specific concerns about a practice involving nighttime deliveries. Goods arriving by truck are allegedly bought and resold multiple times before reaching authorised vendors, leading to price inflation.

The meeting noted that while these "floating traders" primarily contribute to the issue, government regulatory bodies often penalise licensed traders through raids and fines. Due to their transient nature, floating traders evade such measures.

The FBCCI Price Monitoring Committee announced plans to visit various markets in the capital over the coming weeks. Meetings with market committees will be held to address these concerns and explore collaborative solutions.

FBCCI directors Mohammad Enayet Ullah, Alhaj Azizul Hoque, Kausar Ahmed, Md Niaz Ali Chisty, Alauddin, Md Abul Hashem, General Body Member Harun-ur-Rashid, leaders of the market committee, and business leaders were present at the meeting.