TCB to introduce AI-based market analysis, modernise procurement

The Trading Corporation of Bangladesh (TCB) is set to introduce artificial intelligence (AI) based market analysis and increase the use of technology in government procurement to make the public procurement system more efficient, transparent and competitive. 
The corporation also plans to prepare more realistic cost estimates, increase the number of participants in tenders and integrate its Smart Family Card with other government service cards.
These directives were given by Commerce Secretary Ataur Rahman Khan at a meeting reviewing TCB’s activities, held at the Ministry of Commerce conference room on Thursday. 
The commerce secretary said that since Bangladesh’s independence, TCB has been playing an important role in supplying essential commodities to low-income people across the country. However, he said that the organisation’s procurement system now needs to become more modern and data-driven to meet changing demands.
He said that the smaller the gap between the official cost estimate and the final contract value in government procurement, the better it reflects an organisation’s capability and efficiency in determining costs. 
He said preparing more accurate cost estimates by analysing domestic and international markets, price trends in neighbouring countries and historical market data.
Ataur Rahman Khan said increasing the number of participants in government tenders is essential to enhance competition. This will help reduce monopolistic practices while ensuring the best use of public funds.
He further said that a concept note has already been prepared to incorporate AI-based analysis into market management and government procurement. A committee comprising representatives from the Ministry of Commerce, TCB, the Finance Division and technology experts will be formed. Further actions will be taken based on the committee’s recommendations. 
Speaking at the event, TCB Chairman Brig Gen Faisal Azad said the organisation will take steps to integrate the TCB Smart Family Card with other government service cards. He also said there are plans to add more essential products to the subsidised product basket for consumers.
He said model stores will be established in Barishal, Rajshahi and Dhaka. In addition, TCB has already floated tenders through the electronic Government Procurement (e-GP) system to introduce a Point of Sale (POS) payment system. Once introduced, consumers will be able to make quick and transparent payments by scanning their cards.
The meeting also discussed the sale of soap and detergent alongside TCB’s subsidised products. Officials clarified that purchasing these additional items will be entirely optional and consumers will not be under any obligation to buy them.
Participants also shared their views on TCB’s digital transformation, procurement modernisation, market management, strengthening the supply system and the organisation’s future action plans.
Additional Secretary (WTO) Khadija Nazneen, and Additional Secretary (IIT) Shibir Bichitra Barua were also present.