Business

BTB starts online tea auction in Chattogram


Bangladeshpost
Published : 16 Mar 2021 09:48 PM

Bangladesh Tea Board (BTB) has started online tea auction in Chattogram and about 12,000 kg of tea was sold at the auction, BSS reports.

Following the experimental online auction on Monday, the online tea auction activities will continue from the beginning of the 2021-22 tea auction year, said a press release.

Based on the success of the experimental activities, the Tea Board expects to bring 100 percent of the auction activities online within the next year.

Bangladesh Tea Board (BTB) Member (Finance and Commerce) Nazneen Kauser Chowdhury inaugurated the experimental activities of online tea auction while TTAB Chairman Shah Moinuddin Hasan, Tea Board Marketing Officer Ahsan Habib, broker representatives and tea traders, among others, were present.

In her speech, Nazneen Kauser Chowdhury said online tea auctions will make the country’s tea auction and tea marketing activities more dynamic.

This will give a new impetus to tea marketing and business in the Covid situation, she added.

“Bidders from any part of the country will be able to participate in tea marketing through online from home. This will reduce consumer health risks, save time and money, as well as strengthen transparency and accountability in tea marketing. Also tea marketing will be normal in any unwanted adverse situation including Covid”, she said.

In 2016, Tea Traders Association of Bangladesh (TTAB) started exploring the possibility of online tea auction. The Bangladesh Tea Board instructed the TTAB to start online tea auction as soon as the tea auction activities were disrupted due to the Corona epidemic in 2020. Following this, the online tea auction started experimentally.

Mirzapur tea garden was first sold at the auction through a national broker. Ispahani Tea Ltd. bought the first lot at Taka 312 per kg. About 25 bidders participated in the online auction.