Govt working to stabilise 'volatile market': minister

Industries Minister Nurul Majid Mahmud Humayun today, acknowledging instability, said the government is working to bring stability in the market during the upcoming Holy Ramadan.

"We are making arrangements to ensure that the market become stable so that people do not suffer during Ramadan," he said in reply to a question from Awami League MP Mahfuzur Rahman.

"Ramadan is ahead. There is some volatility in our market. It is for various global reasons," the minister said.

The minister mentioned that Bangladesh imports sugar and there are 17 sugar mills in the country. The raw material sugarcane needs years to produce.

"Today it has become mechanical. Farmers must look after their own interests. Many people do not want to produce the crop that needs long-term time," he said.

He said that there are many places in sugar mills.

"If we don't take multi-purpose steps, the sugar mills will be burden. That is why, we have taken many plans including modernisation of other crops such as fruits processing," he said.

The minister also said that already the government has signed some contracts.

"Foreign investors as well as local entrepreneurs have expressed interest there," he said.

The minister said that private manufactures bring raw materials from abroad.

"We cannot survive in the market with them. Because our cost of production remains high," he said.

However, he said efforts on to make the mills profitable.

"I believe there will be no shortage of sugar now," he added.