Simplify customs procedures for importing steel raw materials, urge business

Business Report :

Businesses and entrepreneurs in the iron and steel industry on Saturday 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.