4th International Trade Summit

Experts call for strong policies, regional cooperation to overcome challenges

FE Team | Published: May 27, 2024 23:58:48

Industry leaders have highlighted critical challenges and promising prospects in the steel, cement, and energy sectors during the 4th International Trade Summit held at a city hotel recently.
The summit with the theme 'Sustainable Future' was organised by BigMint, India, in collaboration with Ahmed Enterprise, says a press release.
With the nation grappling with raw material shortages and power supply issues, the experts emphasised the need for robust policy support, regional cooperation, and sustainable practices to drive continued growth in infrastructure and industrial sectors.
Highlighting the burgeoning demand for steel and cement, the summit illuminated the path forward for a resilient and dynamic economic future amidst current global macroeconomic uncertainties.
PHP Chaiman Alhaj Sufi Mohamed Mizanur Rahman inaugurated the summit, with Minister for Industries Nurul Majid Mahmud Humayun as the chief guest.
Norwegian Ambassador to Bangladesh Espen Rikter Svendsen; BSRM Managing Director Aameir Alihussain, Rahim Steel Chairman Mohammed Mohsin; BSMA Secretary General and RRM Chairman Suman Chowdhury; PHP family Managing Director Mohammad Iqbal Hossain; RUET Vice chancellor Prof Dr. Md Jahangir Alam; Economist and BHBFC Chairman Prof Dr. Salim Uddin; PHP Industrial Park Managing Director Muhammad Amir Hossain Shohel; Salam Steel Chairman Rezaul Karim; CSRM Managing Director Md Shahjahan; ZSRM Managing Director Md Saiful Islam; and Rahim Steel Executive Director Maruf Mohsin attended the conference.
During the 10 sessions on flat steel, cement, power and energy, and ship recycling, the experts underscored the challenges and way forward in these heavy industries.
For the first time, the conference arranged a session titled 'Success Story' where Alhaj Sufi Mohamed Mizanur Rahman, Founder Chairman, PHP Family; shared his experience how he started and how he became the business tycoon.
Another session was about the voice of young leaders who hold the position of their grandfather in the business. They want to expand their grandfather's business. They want to move the manual production that their fathers and grandfathers used to automatic, and they are positive in this regard.
At the session titled "Global Flat Steel Market Dynamics and Perspectives on Imports," the panellists highlighted the challenges in flat steel market dynamics. Bangladesh imports raw materials and manufactures the finished products.
Steered by progression in infrastructure, construction, and shipbuilding, the steel demand is expected to reach 15 million tonnes per annum (mntpa) by 2027. The cement industry, with its stable growth, is actively exploring opportunities to meet its clinker demand of 25 million tonnes per annum (mtpa).
While challenges for procurement of raw materials in the steel and cement industry necessitate imports, they also present Bangladesh with a significant opportunity for regional collaboration.
However, due to the shortage of raw materials, the production of flat steel is hampered, creating barriers for businesses. Importers face challenges while importing raw materials, leading to reduced operational hours in factories -- from 24/7 to only 6 to 12 hours.
Consequently, small and medium businesses are facing losses as they become unable to continue their mills, making them the most vulnerable.
At another session titled "Accessing Conventional Energy Sources & Prospects for Regional Cooperation," the experts discussed Bangladesh's current power generation capacity of 30,000 megawatts, though challenges persist such as load-shedding.
The urgent need to augment capacity to ensure an uninterrupted power supply, particularly during peak demand periods, was emphasized.
Three more sessions titled "Bangladesh's Power Sector at a Crossroads", "Harnessing The Potential Of Green Ship Recycling", and "Raw Material Procurement Challenges and Source Diversification In Cement Sector" were held on the second day.