GM Quader: a cartel working against free-market economy

Some entrepreneurs are working against the free market economy as they want to create an oligopoly in the market, the commerce minister said yesterday.
The free market economy will determine the prices based on demand and supply in the market, GM Quader said.
The minister spoke at a programme on “Council of Chamber Presidents” organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at its own office in Motijheel. Top leaders of different chambers from district levels were present.
The government will work as a facilitator between consumers and producers for the best utilisation of goods and services to help develop the economy, Quader said.
The government is working to increase intervention in the market to stop syndicate-controlled business, he said.
The leaders of district chambers urged the government to build warehouses and economic zones at district level to facilitate the local entrepreneurs.
Most of the local entrepreneurs failed to set up new industries due to high interest rate on bank loans, they said.
They said most of the TCB (Trading Corporation of Bangladesh) dealerships were awarded to persons with political connections and not to the real businessmen.
They also urged the government to introduce special passes for businessmen facilitating their access to the secretariat.
The minister admitted that the government is yet to strengthen the TCB. TCB will work perfectly if it could meet 30 percent of the total market demand, he said.
He assured the business leaders of special passes for the leaders of district chambers to enter the secretariat, adding that files do not move at the secretariat without lobbying.
AK Azad, president of FBCCI, said the social economy should be developed to speed up the country's economy and job market.
The government should give attention to chambers as they are working to increase foreign direct investment in Bangladesh, said Azad.
The government should work with the chambers under public private investment to ensure transparency in different projects, said Jasim Uddin, first vice president of FBCCI.
The chambers at district level should develop their own databases on special products and materials to develop business systems, he said.