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GPH Ispat exports billet worth $10m to China

Commerce minister assures billet exporters of providing cash incentive

FE REPORT | November 19, 2020 00:00:00

Commerce Minister Tipu Munshi and Industries Minister Nurul Majid Mahmud Humayun inaugurated the billet shipping process at a ceremony virtually on Tuesday

GPH Ispat Limited on Tuesday shipped 25,000 tonnes of MS billet worth US$ 10.17 million out to China.

It would be the largest ever consignment of the item in terms of volume and value from Bangladesh to any export destination, according to the local steel manufacturer.

Commerce Minister Tipu Munshi and Industries Minister Nurul Majid Mahmud Humayun inaugurated the shipping process at a ceremony held virtually.

Chairman of Bangladesh Trade and Tariff Commission Munshi Shahabuddin Ahmed, Chairman of the Chittagong Port Authority (CPA) Rear Admiral Sheikh Abul Kalam Azad, President of the Chittagong Chamber of Commerce & Industry Mahbubul Alam, Chairman of GPH Group Mohammed Jahangir Alam and Chairman of GPH Ispat Md Alamgir Kabir spoke on the occasion, among others.

In his speech, Tipu Munshi said the shipment of such a large consignment is a historical moment not only for the GPH Group but also for the country, which is now looking for widening its export basket.

"This is a good news for us that a new item is getting enlisted to our export basket," he said.

"A country like China is importing products from Bangladesh is the testimony of high standard," the minister said, adding that the GPH has installed Quantum Electric Arc Furnace technology to manufacture high quality refined steel.

In response to the GPH Group chairman's speech, he assured the billet exporters of considering cash incentive to help increase shipments of the item.

Industries Minister Nurul Majid Mahmud Humayun said the GPH has done a commendable work by creating export market for a new product.

"We hope the country could continue to export the items creating scope of expanding the export destinations with the support of all agencies concerned at home and foreign missions," he said.

Jahangir Alam said that it is the largest consignment of the item so far in terms of value and volume.

"The achievement has enhanced Bangladesh's image to global steel sector through the shipment," said the GPH Group Chairman. He also said the country's steel sector can export to different destinations after meeting the local demand as many of the plants' full capacity remain unutilised.

Seeking the government's policy support, he said the local steel sector can also earn foreign currency like the apparel sector that grew by dint of the state's policy support.

Backed by the government support, the conglomerate can export steel products worth $70-$80 million within a year, said Mr Alam, who is also the Managing Director of GPH Ispat.

Mohammed Almas Shimul, Additional Managing Director, delivered vote of thanks.

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