Business leaders call for govt support in steel, rod and cement sectors
Business leaders in the country's steel, rod, and cement sectors have sought urgent government support due to the rise in the price of raw materials in the global market and a shortage of electricity and gas in factories, as per a press release.
At a meeting of the FBCCI Standing Committee on Iron, Carbon Steel, Stainless Steel, and Re-rolling Industries held on Monday, they said the sectors are facing a major crisis due to the current economic situation.
Production has decreased due to the shortage of electricity and gas in the factories. Low production has made it difficult to repay bank loans, creating a risk of default, they added.
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FBCCI President Md Jashim Uddin emphasised the importance of the steel sector for the country's development and called for a dollar fund for the import of raw materials and uninterrupted electricity and gas supply to factories.
He also urged banks to cooperate in opening Letters of Credit (LCs).
FBCCI vice-president MA Momen advised the businessmen to use the upcoming Bangladesh Business Summit as a platform for branding the steel sector.
The meeting was presided over by the chairman of the committee and chairman of the Bangladesh Steel Manufacturers Association Manwar Hossain.
The director of the committee emphasised the need to take initiatives to reduce the price of construction materials to support the government's development goals.
FBCCI former First Vice-President Mohammad Ali, Director SM Jahangir Alam, committee Co-chairmen Md Shahidullah, Sumon Chowdhury, Shafiqul Haque Talukder, Bimal Chandra Roy and other members were also present at the meeting.
