Against the backdrop of food crisis, Bangladesh has no option but to have self-sufficiency in food production as its top agenda, according to International Chamber of Commerce-Bangladesh (ICC-B).

Bangladesh must draw up a master plan with sufficient investment in agricultural research and provision for appropriate incentives to farmers, ensuring proper management and modernisation of the sector, the chamber said in its quarterly news bulletin released yesterday, adding that through an articulated and coordinated effort of the government and the private sector Bangladesh can achieve its production target to feed the millions in the years to come.

The Chamber’s quarterly said, “The expected bumper ‘Boro’ harvest, as a result of hard work of the farmers and agricultural extension workers, shows that Bangladesh as the 4th largest rice producing country in the world has the capability and potential to meet its own food requirement.”

“One should, however, proceed with caution while suggesting revitalisation of agriculture through huge investments especially the ones initiated by the International Financial Institutions. The World Bank has already initiated a project for the revival of the country’s agriculture that needs careful review before implementation. Most importantly, state intervention and public sector investment should be streamlined to restore agriculture as well as food security,” the quarterly said.

Referring to a Centre for Policy Dialogue’s report, it said the total worldwide rice production till 2010 has already been booked in advance. Besides, India and Thailand have raised the rice price and banned export of rice to meet internal food shortage. Similar moves have taken in Vietnam, Myanmar and Cambodia. Kazakhstan, one of the global wheat producers, has reduced its wheat export to ensure own food security.

The ICC-B quarterly also said the global food stocks are down to its lowest level in 25 years mainly due to increased demand for food in China and India as well as use of corn, wheat and other crops for production of bio fuel since 2006.

“Other factors that contributed to food price hike include adverse weather conditions, such as an unexpectedly severe cold spell in China, floods in Bangladesh and India as well as droughts in Australia, one of the world’s largest grain producers, where wheat harvest fell by 60 percent,” the ICC-B publication said.

According to FAO, the publication said, the rising food costs in recent months have led to social unrest in several African countries, Indonesia, the Philippines and Haiti.