DHAKA, August 17, 2024 (BSS) - Businesses and entrepreneurs in the iron and 
steel industry today urged the interim government, led by Nobel laureate 
Professor Dr Muhammad Yunus, to take necessary steps for simplifying further 
the customs procedures and enhancing capacity of ports for importing smoothly 
raw materials and capital machineries of the industry.

The call was made at a meeting on the standing committee of the Federation of 
Bangladesh Chambers of Commerce and Industry (FBCCI) on iron, carbon steel, 
stainless steel and re-rolling industry held at the FBCCI Bhaban in the 
capital's Motijheel area.

Presided over by Standing Committee Chairman and Shahriar Steel Mills Ltd 
Managing Director SK Masudul Alam Masud, committee director in charge and 
FBCCI director M Amir Hossain Nurani was present.

The industry insiders also demanded of the interim government to take urgent 
steps to ensure standard and uninterrupted power and energy supply to all 
kinds of industries including in the iron and steel industries, said a press 
release.

Speaking at the meeting as the chief guest virtually, FBCCI president 
Mahbubul Alam at the very outset of the meeting prayed for eternal peace of 
the departed souls of those who were killed during the recent anti-
discriminatory student movement and student-led mass uprising that led to the 
ouster of former Prime Minister Sheikh Hasina.

He also wished speedy recovery of the injured being under treatment at 
various hospitals of the country.

Noting that the iron and steel industry is very much important for ensuring 
the overall economic development of the country, Mahbubul urged the 
entrepreneurs of this industry to become united to address the existing 
problems.

He noted that not only in the iron and steel industry, but also the issue of 
customs procedures of imported goods is a big challenge.

The chief of the country's apex trade body also hoped that the new NBR 
Chairman would be sincere enough to simplify further trade and commerce in 
the country.

FBCCI senior vice president Md Amin Helali said that there is a big scope for 
utilizing the brand value of Chief Adviser Nobel Laureate Professor Dr 
Muhammad Yunus since he is an internationally acclaimed personality.

During the open discussion, the business leaders discussed the issues 
relating to keeping stable the bank interest rates, reducing turnover tax and 
VAT on income tax, removing the complexities relating to HS code, not 
realizing additional fine, and making rational customs tariff.

The meeting was informed that the per capita usage of steel in the country is 
40 kilogram which is 90-kg in neighboring India. Bangladesh has to import 
around cent percent of its demand for steel since there is no iron ore mine 
in the country. The country has to import around 30 lakh metric tons of steel 
every year to meet the local demand.

FBCCI vice-president Md Munir Hossain, former first vice-president Mohammad 
Ali, current directors Hafez Hazi Harun or Rashid, Azizul Haque, Md Niaz Ali 
Chsiti, standing committee co-chairman and members attended the meeting, 
among others.