Inaugurating the four-day first Dhaka International Textile and Garment Machinery Exhibition-2004 at Dhaka Sheraton Hotel, Saifur also informed that the government was actively considering to try money launders under the Speedy Trial Act.

"I've already talked about the issue with the law minister," he added.

Underscoring compliance with business ethics, Saifur slammed businesspeople for unethical practices that spiked the prices of construction materials, saying some dishonest traders did that deliberately.

"They continued to raise prices of those items even the day after the finance ministry declared reduction of import duties on scrap iron from 15 percent to 7.5 percent."

Saifur was also critical of the commerce ministry for its failure to check the soaring prices of construction materials and essentials.

He also censured the ministry for trying to implement Saarc cumulation, saying he was not clear what Bangladesh would gain from it.

Saifur reprimanded dishonest traders for misusing the free market economy as a "free-style market," adding such practices were the causes for boosting prices of essentials. "Who knows the price of which item will be increased by those businessmen next?" he asked -- displeased with the corrupt practices.

The minister urged business leaders of chambers and associations present at the session to identify such dishonest traders and mete out punishment to them.

Terming the textiles a basic industry for readymade garments, Saifur assured the textiles businesspeople of providing adequate loans urging them to utilise the money properly. "In the recent past, it was found that some businessmen received loans from banks for one purpose and used it for other," he said.

Urging the textile mill owners to use state-of-the-art technology to enhance performance, the minister said: "Such fair will surely help them."

Bangladesh Textile Mills Association (BTMA) and Chan Chao International Co Ltd of Taiwan co-organised the exhibition, where latest textile and garment machines and equipment from around the world are on display.

Speaking at the launch, BTMA Chairman MA Awal said the show would introduce local entrepreneurs to the world's latest textile and garment machinery, embroidery and knitting machines, accessories and yarn and fabrics.

Awal said Bangladesh held only 2.5 percent share of the global textile market, while meeting 90 percent of the domestic demand.

Textiles Minister Abdul Matin Chowdhury and Chan Chao International General Manager Tiger Lin also spoke.

Sixty-nine exhibitors from 20 countries, including Taiwan, US, China, Germany, Switzerland, France, Italy, Japan, Korea, Singapore, India, Hong Kong and Czech Republic, are participating in the event that remains open to visitors from 10:00am to 6:00pm everyday.