Steel mill owners seek govt policy support
Thursday, 12 November 2009
FE Report
Steel mill owners of the country Tuesday urged the government for necessary policy support for exporting locally manufactured MS (Mild Steel) products to the overseas market.
During a meeting with Industries Minister Dilip Barua, representatives of Bangladesh Steel Mill Owners Association (BSMOA) implored the government to decrease the Value Added Tax (VAT) on the production and delivery of MS commodities, said a press release.
They informed the minister that currently a large volume of international standard MS products is being produced domestically.
With necessary government patronage and policy support, MS products can be turned into an export item which can capture good market in the north-eastern states of India as well as Nepal, Bhutan, Sri Lanka, Myanmar and the Middle Eastern countries, the mill owners said.
Leaders in the sector also pushed for increasing the number of export items, pointing that country's present dependence on merely 16 to 17 export items can be dangerous for the overall export sector in the long run.
During the meeting, BSMOA authorities also asked for financial stimulus package for the factories affected by the global economic recession.
They also urged the government for withdrawing the PSI system, decreasing the demand charge for electricity and gas, reducing tariff on the import of raw materials for steel industries and easing the tax policy for the owners of steel and re-rolling mills.
Steel mill owners of the country Tuesday urged the government for necessary policy support for exporting locally manufactured MS (Mild Steel) products to the overseas market.
During a meeting with Industries Minister Dilip Barua, representatives of Bangladesh Steel Mill Owners Association (BSMOA) implored the government to decrease the Value Added Tax (VAT) on the production and delivery of MS commodities, said a press release.
They informed the minister that currently a large volume of international standard MS products is being produced domestically.
With necessary government patronage and policy support, MS products can be turned into an export item which can capture good market in the north-eastern states of India as well as Nepal, Bhutan, Sri Lanka, Myanmar and the Middle Eastern countries, the mill owners said.
Leaders in the sector also pushed for increasing the number of export items, pointing that country's present dependence on merely 16 to 17 export items can be dangerous for the overall export sector in the long run.
During the meeting, BSMOA authorities also asked for financial stimulus package for the factories affected by the global economic recession.
They also urged the government for withdrawing the PSI system, decreasing the demand charge for electricity and gas, reducing tariff on the import of raw materials for steel industries and easing the tax policy for the owners of steel and re-rolling mills.