Businesses and entrepreneurs of Bangladesh’s steel sector today urged the interim government to take necessary measures to further simplify customs procedures and improve the port’s ability to smoothly import raw materials and capital machinery, reports Bangladesh News Service BSS 2024, August 17th.
The Standing Committee of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) made the appeal at a meeting on iron, carbon steel, stainless steel and re-rolling industries held at FBCCI Bhaban in the capital’s Kanpur district. The industry players also demanded that the interim government take urgent measures to ensure standard and uninterrupted supply of power and energy to all industries, including the steel sector, the press release said.
Noting that the steel industry is very important to ensure overall economic development of the country, FBCCI President Mahbubul Alam urged the entrepreneurs of the industry to unite to solve the existing problems. He pointed out that not only in the steel sector, the issue of customs formalities for importing goods was also a huge challenge.
The head of the country’s apex trade body also hoped that the new NBR chairman would be sincere in streamlining further trade and commerce in the country. During the open discussion, the business leaders discussed issues such as keeping bank rates stable, reducing VAT on sales tax and income tax, removing complexities related to HS codes, not imposing additional penalties and setting reasonable tariffs.
The meeting was informed that the country’s per capita steel use is 40 kilograms while that of neighboring India is 90 kilograms. Since there is no iron ore in the country, Bangladesh has to import about a quarter of its steel requirements. The country has to import about 3 million tons of steel every year to meet the local demand.
