FBCCI seeks to explore steel market in C'wealth countries

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will support steel industry entrepreneurs to increase Bangladesh's steel exports to the potential markets of Commonwealth countries.

The country’s apex trade body held a meeting with the Commonwealth Enterprise and Investment Council (CWEIC) and Bangladesh Steel Manufacturers Association (BSMA) on Monday to discuss the prospects of Bangladesh's steel industry in line with the recent Commonwealth Annual Summit in London.

FBCCI President Mahbubul Alam was present as the chief guest in the meeting, held at the FBCCI office in Gulshan, Dhaka.

CWEIC strategic advisor Zillur Hossain, BSMA president Jahangir Alam, BSMA secretary general Sumon Chowdhury and representatives from Bangladesh Investment Development Authority were present on the occasion.

In the meeting, FBCCI President Mahbubul Alam said that the development of a country is measured by per capita consumption of steel. He said per capita steel consumption in Bangladesh is 48 kilograms.

“Most of the Commonwealth countries are developing countries. The pressure on the dollar can be somewhat eased by earning foreign exchange through steel exports needed for their growing development infrastructure. Steel manufacturers only need to take care of quality,” Mahbubul Alam said.

Sumon Chowdhury informed that currently the total steel production capacity of Bangladesh is about 15 million tons per year and by 2025 it will be a total of 20 million tons.

“The infrastructure and construction work in Bangladesh increased rapidly after 1990. And demand for steel also increased gradually. Many large steel industries were established in the country to meet growing demand,” he said.