A press release stated that business leaders from the steel, rod, cement and other sectors in the country are seeking urgent government support in light of rising prices for raw materials and the shortage of electricity and natural 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. He called for a dollar fund to help import raw materials and provide uninterrupted electricity and natural gas supply to factories.
He also urged banks not to close Letters of Credit (LCs) without their cooperation.
MA Momen, vice president of FBCCI, advised businessmen to use Bangladesh Business Summit to brand the steel sector.
Manwar Hossain (chairman of the committee) presided at the meeting.
Director of the committee stressed the importance of taking initiatives to lower the cost of construction materials in order to support government’s development goals.
FBCCI’s former First Vice President Mohammad Ali, Director SM Jahangir Alam and committee Co-chairmen Md Shahidullah (Sumon Chowdhury), Shafiqul Talukder, Bimal Chaudra Roy, and Shafiqul Hasiq Talukder were all present at the meeting.