DHAKA, Aug 30, 2023 (BSS) - Commerce Minister Tipu Munshi today refuted claims that he had said that there was syndicates in the market that control the prices of essential commodities and he would break it.

"What I said is that sometimes some businessmen want to make higher profits," he said while speaking to a group of reporters after a meeting with the US-Bangladesh Business Council at the InterContinental Hotel in the city.

There is no major syndicate in the markets as a large number of people are involved in the supply chain, he added.

He further said that when prices of necessities get hiked, the government tries to control the prices through the Directorate of National Consumers' Right Protection (DNCRP).

But, he said, they don't have enough people in the workforce and hence sometimes there is some sloth in their job.

The minister gave the example of neighbouring country Sri Lanka, which has bounced back from a debilitating economic crisis and has successfully controlled inflation.

"If Sri Lanka could do it, why not Bangladesh?" he was asked. Tipu Munshi replied, "Sri Lanka and our situation are different. A big avenue of their economy is tourism, which they have revived successfully. Our country is bigger, there are many problems, but we are trying constantly."

Meanwhile, regarding the meeting with the US Bangladesh Business Council, he said that many new US entrepreneurs are showing interest in investing in Bangladesh.

Among others, President of the US-Bangladesh Business Council and Senior Vice President for South Asia of the US Chamber of Commerce Ambassador (Rtd) Atul Keshap and President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mahbubul Alam were present on the occasion.