High import payments, resulting in appreciation of dollar against taka, have pushed up the price of essentials in local markets further.
On the other hand, odd climatic conditions have been posing a threat to local agricultural production.
Taking this situation into account, the government should enact its policies to raise productivity through adopting sustainable farm methods, said speakers at a national dialogue on Sunday.
The comments were made at the national dialogue titled "Agricultural Production in an Odd Climatic Condition: Volatility in the Global Agricultural Commodity Market", organised by Bangladesh Agricultural Journalists Forum (BAJF), held at the Krishibid Institution of Bangladesh Convention Hall in the city.
The experts also opined for reducing the huge gap between imports and exports of agricultural products by enhancing productivity, mechanising agriculture and ensuring inputs like fertiliser, high yielding multi-stress tolerant crop varieties.
Agriculture Minister Dr Muhammad Abdur Razzaque said the farm sector needs capacity building for using new technologies.
"Capacity of utilising a budget is needed before enhancing allocation."
Dr Razzaque, while talking on price volatility, said: "Wheat price reached $450 from $220 per tonne a year back while potassium price has reached $1,200 from $300 a tonne.”
The minister also said expenditure for edible oil fuelled up to $2.5 billion as the country meets 90 per cent of its demand through import.
The government is managing the issue very seriously and there will be no shortage of food, he said.
"Rough weather is a challenge, still we are trying to enhance productivity in this climatic condition.”
Dr Razzaque said 570 combined harvesters are being used in the haor region to complete harvest in no time while 77 per cent harvest has been completed in Sunamganj.
Dr Mustafizur Rahman, distinguished fellow of Centre for Policy Dialogue, said Bangladesh's food grains import worth around $10 billion while export is only around $1.0 billion.
Most commodities’ price has increased in the international market and Bangladesh is feeling the heat of paying huge amounts of dollars due to such a trade gap," said Mustafizur Rahman.
41 per cent of the labour force is engaged in agriculture, which is contributing to 13 per cent of the total GDP (gross domestic product).
"New generation technology is needed to increase productivity in order to boost exports," Mustafizur said.
“To achieve it, a radical change in budget allocation for agricultural research will be needed."
FH Ansarey, president ACI Agribusiness, said, "A developed variety seed needs 10 years to reach farmers."
In this case, he urged coordination among extension of officials in both government and private sector.
Mr Ansarey also stressed on investing in the food processing industry to reduce post harvest losses.
He suggested building storage capacity based on public private partnership. "We need to develop a cool chain facility,” he said.
Managing Director of the City Bank Ltd Mashrur Arefin said surge in global commodity prices is causing appreciation of dollar against taka by notable margin.
He said the condition is still deteriorating which should be taken seriously by the government on how it could make a balance between exports and import.
Mr Arefin also said the interest rate against loans has been increased to discourage taking loans.
This has been done to take control over monetary inflation, he opined.
He also said the country witnessed 191 incidents of climate-induced disasters in the last few decades.
The government could jointly take initiatives with the banks and insurance companies to enact policies over the issue, he said.
Fisheries and Livestock Minister SM Rezaul karim, Planning Minister MA Mannan also spoke while Professor Jahangir Alam of Bangladesh Agriculture University presented the key note, Prof Dr M A Sattar Mandal, former vice chancellor of BAU chaired the panel discussion where FBCCI President Jashim Uddin, former executive chairman of Bangladesh Agricultural Research Council (BARC) Wais Kabir, former director general of Department of Agricultural Extension (DAE) Md Hamidur Rahman, Green Delta Insurance Co Limited Acting Managing Director Syed Moinuddin Ahmed also spoke, among others.
