The country's steelmakers on Saturday urged the interim government to take pragmatic steps with an eye to eliminating complications related to tariff on the import of machinery and raw materials.
Business leaders at a meeting of the apex trade body, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), also urged the authorities concerned to enhance the capacity of ports.
They made the call at the meeting of the FBCCI standing committee on iron, carbon steel, stainless steel and re-rolling industry, according to a statement.
FBCCI president Mahbubul Alam joined the meeting virtually as the chief guest, presided by SK Masadul Alam Masud, committee chairman and managing director of Shahriar Steel Mills Limited.
FBCCI director Md Amir Hossain Noorani was present as the director-in-charge of the committee.
At the meeting, the business leaders sought urgent action to ensure quality and uninterrupted supply of gas and electricity to all types of industries, including iron and steel manufacturing.
They accentuated the need to keep lending rates stable, reduce turnover tax and VAT in income tax, remove complications related to HS Code, and stop extra fines and taxes in light of rational taxation value.
According to a presentation made at the meeting, annual per capita consumption of steel in Bangladesh is 40 kilogram. It is around 90 kg in neighbouring India.
Bangladesh has to import almost 100 per cent of steel required domestically since there is no iron ore mine here.
An estimated 3.0-million tonnes of steel are imported into the country every year to meet the local demand.
In his speech, the FBCCI chief prayed for the salvation of the departed souls of all martyrs, including young students and commoners, who struggled to build a discrimination-free state.
He also wished speedy recovery of those injured and are still undergoing treatment at various hospitals.
Highlighting the need for economic uplift, Mr Alam urged tradespeople to unite to eliminate the current crisis facing the local steel industry.
Complications in tariff regime on import are a big challenge not only for the steel industry, but also for other sectors, according to him.
"We've long been informed that the assessment value of imported goods at the port is much higher than the invoice value," Mr Alam said highlighting the necessity to work to this end.
He also expressed hope that the new chairman of the revenue board would be sincere in facilitating business in the country.
According to FBCCI senior vice-president Amin Helaly, the chief adviser of the interim government is an internationally recognised person. "It's an opportunity to capitalise on his brand value to improve the image of Bangladesh abroad."
© 2024 - All Rights with The Financial Express
