President Abdul Hamid on Thursday asked the government to take stern action against dishonest business syndicates who are responsible for the sufferings of common people.

"The government should be strict in bringing those who made syndicates for raising prices, those who increase the sufferings of people under law," he said while addressing the "National Export Trophy 2017-18 awarding ceremony virtually joining the event from Bangabhaban, reports UNB.

"At the same time, you(businessmen) have to remain vigilant and co-operate with the government so that the reputation of the whole business community is not tarnished for some dishonest people," he added.

The Ministry of Commerce and the Export Promotion Bureau (EPB) jointly organised the event at the Radisson Blu Water Garden Hotel in Dhaka.

Sharing the examples of some countries across the world, President Hamid said the prices of some products go up sharply with the advent of various festivals in Bangladesh, including Ramadan and Eid while the prices of products usually fall on the occasion of national, religious and social festivals in many countries.

As soon as the festivals begin here, a section of small and big traders wait how to make money capitalizing the festivals, he said.

"In a market economy, the prices of essentials are determined by the state considering the supply and demand of products. But now it is not the lack of coordination between the supply and demand; rather products' prices are being increased by some dishonest syndicates. It is not desirable at all."

Hamid said the government is compelled to intervene in the matter when the public interest is hampered by the greed for huge profits.

President Hamid advised all concerned to adopt a pragmatic plan collecting accurate data on demand, production, stocks and shortages of goods so that no vicious circle can aggravate human misery through manipulation.

FBCCI president  Jasim Uddin, Bangabandhu Sheikh Mujib Export Trophy winner ASM Rafiqul Islam Noman, and managing director of Zaber and Zobaer Fabrics Limited also spoke on the occasion while Commerce Minister Tipu Munshi presided over the programme.

EPB Vice-Chairman AHM Ahsan delivered the welcome address, while some 66 trophies - - gold, silver and bronze categories---were handed over to 66 companies at the ceremony for their outstanding performance in the export.