There is some instability in the market ahead of the holy month of Ramadan, Industries Minister Nurul Majid Mahmud Humayun said
"We are making arrangements to ensure that the market remains stable so that people do not suffer during Ramadan," he said this during the question and answer session at the Parliament on Sunday (25 February).
"The month of Ramadan is near. There is some volatility in our markets ahead of Ramadan," he added.
"We import sugar. We have 17 sugar mills. Farmers must look after their own interests. Many people do not want to produce long-term crops. If multi-pronged steps are not taken, the sugar mills will be become a burden," the minister said.
He said the ministry has made multiple plans including initiatives for modernising the mills under the instructions of the prime minister.
"We have already signed some contracts. Foreign investors as well as local entrepreneurs have expressed interest," he added.
The minister also said government owned mills can't compete with private manufacturers since the latter has competitive advantages.
He said the sugar market is stable, adding the increase in prices have been in accordance to the price hike in the global market.
"We are making arrangements to ensure that the market remains stable so people don't have to suffer during Ramadan," the minister further said.
