Reforms in export-import policy soon: Faruk

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Reforms in export-import policy soon: Faruk
Star Business Report

The government will update the country’s export and import policies through mid-term review for the first time in a bid to create a further congenial business environment, the commerce minister said yesterday.

“We will also formulate competition law to make the business environment friendlier. The existing companies’ laws will also be revised,” Faruk Khan said.

The minister made the comments when the newly elected board of directors of Dhaka Chamber of Commerce and Industry (DCCI) led by its President Asif Ibrahim called on him at his office in the secretariat.

Ibrahim said the country should analyse the micro-level policies, considering the purchasing capacity of people, who are under tremendous pressure due to soaring prices of basic commodities.

“The Trading Corporation of Bangladesh (TCB) should be reformed to control unwarranted price hike. There should also be a comprehensive food security policy under the public-private partnership (PPP) framework,” the new president of the chamber said.

He said immediate short-term measures are needed to find the best way to use the country’s limited gas resource, which is depleting fast, and the national coal policy should also be finalised.

The chamber leader said Bangladesh also needs to chalk out a fresh policy to face emerging challenges in the global trade arena. “Research and development and capacity building of Export Promotion Bureau should get priority,” Ibrahim said.

The commerce minister said they have already sought fund from the finance ministry to strengthen the TCB, the state-run supplier of basic commodities.

“We have also decided to introduce distributorship system, as the existing delivery order system offered scope to create middlemen who inflate the prices of basic commodities without valid reasons.”

On edible oil crisis, the minister said the government is actively planning to reduce tax on imports to keep the prices at a tolerable level, according to a DCCI statement.

Commerce Secretary Md Ghulam Hussain and DCCI Senior Vice President TIM Nurul Kabir and Vice President Nasir Hossain were also present.

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