Policy support needed to boost steel structure building industry

The steel structure building industry is one of the latest sectors to have grown in Bangladesh in the last two decades. Despite its potential for growth, the industry has not received adequate attention from policymakers. But with the country's fast-growing economy and rapid industrialisation in various regions, the steel building industry has the potential to become a thriving sector. However, for it to develop smoothly, the sector requires proper policy support.

Mohammad Taslim Uddin, a young entrepreneur and managing director of KR Steel Structure Limited, the pioneer in constructing steel buildings in Chattogram, made these comments in an interview with The Business Standard's Mizanur Rahman Yousuf.

What made you think of entering the steel structure building industry?

Since my childhood, I have seen my father in the steel business. Following in his footsteps, I also joined the steel business.

In 2016, when we took the initiative to build a steel structure building for one of our steel plants, we found there was no capable builder in Chattogram who could construct such a big steel building. This got me interested in establishing a steel structure manufacturing and building company.

We conducted a feasibility study and established the factory on 160,000 square feet of land in the Boro Kumira area of Sitakunda the next year. After manufacturing all the materials at our factory, we first constructed a steel structure for our steel plant. The next project was a 90,000-square-foot warehouse for GPH Ispat. After the second project, we did not have to look back. In the last five years, we have successfully completed about a hundred projects, including a few government ones.

What is the present condition of the industry? What problems is the industry facing?

There are about 30 companies operating in this industry, employing over 20,000 people directly. However, very few have the ability to construct big buildings. Though there is a huge scope for new companies, entrepreneurs have yet to come forward.

Moreover, as the industry is new to the country, there is a shortage of skilled workers. The other problem is the high import duty on raw materials. The industry requires policy support from the government to grow. If the import duty on the raw materials can be reduced to a rational level, the cost of buildings will decrease, which will certainly boost the growth of the industry and the country's economy.

What are the future prospects of the industry?

The government has taken the initiative to develop 100 economic zones in the country to meet the challenges of the fourth industrial revolution. Thousands of steel buildings will be constructed in the economic zones, including the Bangabandhu Shilpanagar at Mirasarai in Chattogram. So, there is a bright future for the steel structure building industry in the country.