People first, free market later: PM

Prime Minister Sheikh Hasina has said even though Bangladesh adheres to a free market ideology the government must rein in prices to meet the needs of the people.

"We can have a free market economy only after safeguarding the rights of consumers and meeting their needs," Hasina said while addressing senior officials of the commerce ministry on Thursday.

"We will also have to take measures by considering the demands of the people, access to the world market and producing the goods that have demand in the global market," she said.

"We're moving out of an LDC phase, but we don't want to rush ahead.”.

Hasina said non-tariff barriers were the biggest problems in the expansion of regional and global trade and asked the ministry to help create strategies to remove them.

Putting emphasis on getting duty-free access for more Bangladeshi products in the global market, Hasina said a certain country was particularly opposed to free trade.

"They're always talking about free-market economy but are unwilling to give duty-free access to their own market. This double standard is unacceptable," she said.

The prime minister called on Bangladeshi missions abroad to be more active and take steps in expanding trade and commerce.

She advised the commerce ministry to search for markets for Bangladeshi products in the ASEAN region, the Middle East and Africa.

"Saudi Arabia buys halal meat from Brazil. What are we doing here?" she asked.

Hasina said the extraction of fish had immense potential now that Bangladesh had won the maritime boundary dispute.

She advised that the ministry facilitate the export of processed fish, meat and vegetables.

Noting that Bangladesh had to import nearly 90 percent of its edible oil, the prime minister emphasised raising production of oil from sources like mustard, nuts and rice brine.

She urged the ministry to reinvigorate the government’s trading arm, the Trading Corporation of Bangladesh (TCB), to help stabilise the market.

"Some 11 or 12 businessmen control the entire essentials market. They raise prices in Ramadan and exploit people. We have to enter the market," she said.

Hasina said the mobile court drives would continue in order to prevent the sale of adulterated food and the use of formalin and harmful chemicals.

"We have to be strict in controlling formalin and create awareness among people," she said.