The existence of syndicates has been a persistent issue since their inception, but swift action will be taken to dismantle their influence, said Asif Mahmud Sajib Bhuiyan, adviser to the Ministry of Labour and Employment.
He made this statement while addressing the audience as the chief guest at an event to sell agricultural products at fair prices in front of the Trading Corporation of Bangladesh (TCB) office on Thursday (17 October).
In his speech, Adviser Asif Mahmud stated, "For a long time, various sectors in our country have been plagued by unethical practices, particularly in the marketplace. As a result, prices of certain goods rise every year. This year, the price of eggs has skyrocketed. The primary reason for this is extortion and the rampant activities of syndicates. We are actively working to break the dominance of these syndicates."
The adviser emphasised the need to eliminate middlemen and syndicate control to alleviate consumer suffering.
He urged all private enterprises to step forward, with the government ready to offer support.
To ensure that consumers are no longer reliant on syndicates, Asif Mahmud called on entrepreneurs to launch new initiatives.
"Syndicates have been a problem from the very beginning, but their dominance will be broken very soon," he assured.
Additionally, the Secretary of the Ministry of Labour and Employment AHM Shafiquzzaman pointed out that market syndicates and extortion contribute to a 30% rise in the price of goods.
He remarked, "The cooperative system has not yet been implemented in our country. Prices are increasing as goods pass through 4-5 different hands. If the cooperative system were in place, we wouldn't be facing such instability in the market."
