According to a press release, business leaders in the steel, rod and cement sectors of the country have requested urgent government support because of the rising cost of raw materials on the global market as well as a shortage in electricity and gas in factories.
On Monday, the FBCCI Standing Commission on Iron, Carbon Steel and Stainless Steel held a meeting. They stated that the current economic climate is causing major crises in the respective sectors.
The shortage of electricity in factories has caused a decrease in production. The low production has made repayments of bank loans difficult, increasing the risk of default.
Md Jashim, the President of FBCCI, emphasized the importance the steel sector plays in the country’s development and called on the establishment of a dollar fund to help with the import of raw materials and the uninterrupted supply of electricity and gas to factories.
He also urged banks not to close Letters of Credit (LCs) without their cooperation.
MA Momen, Vice-President of FBCCI advised the businessmen that the Bangladesh Business Summit could be used to promote the steel sector.
Manwar Hossain (chairman of the committee) presided at the meeting.
Director of the committee stressed that the government must take steps to lower the price of construction materials to achieve its development goals.
FBCCI First Vice-President Mohammad Ali (FBCCI Director SM Jahangir Alam), committee Co-chairmen Md Shahidullah and Sumon Chowdhury Shafiqul Halque Talukder, Bimal Chadra Roy, as well as other members, were present at this meeting.