Sugar is known as an essential commodity. Sugar is used in all kinds of food, starting with tea in the morning. The annual demand for sugar in our country is about 18 lakh metric tons. However, domestic production capacity is not much compared to that.
The annual production capacity of Bangladesh Sugar and Food Industries Corporation (BSFIC) is only about 1 lac 32 thousand and 380 tons. However, the company has been able to produce only about 16 percent of the production capacity, or 21 thousand 313 metric tons of sugar in the current season, which is less than one and a half percent of the total demand.
S. Alam Group, the leading business conglomerate of the country, is playing a significant role in meeting the shortage of the huge demand. It has imported about 3 lac, 24 thousand, and 500 metric tons of sugar in 2023 alone, the market value of which is about USD 16 crore, 10 lac, and 53 thousand, or more than tk 1,772 crore.
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Besides, S. Alam Group imported about 3 lac 65 thousand metric tons of sugar in 2022, with a market value of about USD 17 crore 54 lac, or more than tk 1,931 crore. The company also imported 3 lac 67 thousand metric tons of sugar in 2021. In the past three years, S. Alam Group’s sugar import amount has been more than 10 lac, 56 thousand, and 500 metric tons, whose financial market value is about USD 51 crore, 20 lac, or more than tk 5,635 crore. Currently, S. Alam Group meets 35 percent of the import demand in the domestic sugar market, which the company plans to increase to 40 percent in the future.
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In this context, S. Alam Group stated, “Sugar consumption is ubiquitous due to our diet and lifestyle. Although there is huge demand among consumers, there is not much domestic production of sugar. To meet the demand, a lot of sugar must be imported from different countries, including India and Brazil, through investment. S. Alam Group invests huge amounts of money in importing sugar every year for consumers. As a result, it is playing a significant role in ensuring uninterrupted supply of sugar at stable prices as per the domestic sugar demand of the country, besides contributing to the revenue growth of the government. We will try to keep the price of sugar bearable in the market in the future as well.”
Source: The Daily Messenger
