FBCCI president vows to fight extortion, urges fair prices during Ramadan

Mahbubul Alam, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), has addressed concerns regarding extortion in product transportation.

Speaking to traders on Wednesday (28 February), he announced measures to combat extortion, saying, "If any extortion occurs during transportation or loading and unloading of goods, inform us. FBCCI will establish a hotline or desk to address these issues. We will speak out against extortionists and spare no one. If needed, we will engage with higher authorities to resolve the problem."

He also called on traders to provide products to consumers at a fair price instead of making more profit during the month of Ramadan.

These statements were made during a meeting organised by FBCCI on the production, import, stock, supply, and pricing of essential commodities during Ramadan.

The meeting, held at the FBCCI building in Motijheel, Dhaka, saw participation from representatives of large consumer goods companies, wholesalers, retailers, leaders of various market committees in Dhaka, as well as officials from Bangladesh Bank, the Competition Commission, and various government departments.

Mahbubul stressed the critical need to ensure a steady supply of goods during Ramadan and called upon trade associations and market committee leaders to monitor the market regularly and prevent artificial crises from arising.

Regarding business practices during Ramadan, Mahbubul advocated for a policy of "more sales, less profit," asserting that such an approach would benefit both businesses and society at large.

Addressing concerns about excessive profits, Mahbubul acknowledged the challenges faced by businesses, such as the dollar crisis affecting the market and delays in opening letters of credit.

However, he emphasised the importance of maintaining market stability and preventing unjust price hikes, citing examples such as ensuring that the wholesale price of a Punjabi garment does not skyrocket when sold at retail.

Mahbubul made it clear that FBCCI would not defend dishonest traders and expressed a desire to avoid government intervention in market monitoring during Ramadan.

He encouraged market committee leaders to take on this responsibility and pledged FBCCI's support in ensuring fair and transparent business practices.