Dhaka, Sep 12 (UNB)- Prof. Dr. Md. Salim Uddin, FCA, FCMA, Chairman, Executive Committee of Islami Bank Bangladesh Limited and Chairman of Bangladesh House Building Finance Corporation presented a paper titled ‘Review of Iron and Steel Market: Global Perspective’ in an International Conference organized by Steel Group recently at the Hotel Redisson Blue, Chittagong.
Institutions from 19 countries including USA, India, Japan, Korea, China, Australia, Germany, Austria, Singapore, Belgium and Italy attended the two-day seminar.
Speakers at the seminar highlighted the global impact of the iron and steel industry, present scenario, future prospects alongside its qualitative development through sustainable technology and expansion of the market.
Prof. Dr. Md. Salim Uddin in his speech mentioned that in the year 2017, the total steel production in the world is 1.69 billion metric tons out of which China produces 49.2%. At the same time, Bangladesh produced only 7 million metric tons. In absence of own raw materials, Japan has been able to produce about 6.2% steel product of the world. Our neighboring country India has also continued its efforts in the industry.
In these circumstances, it is essential to take appropriate planning for the development of the steel industry of Bangladesh. He also said that by the year 2030, the demand for iron and steel would reach 2 billion metric tons.
Dhaka, Sep 12 (UNB)- Local manufacturers of refrigerators, freezers, air conditioners and compressors recently urged the government for provide industry-friendly policy supports in the next couple of fiscal years for the sustainable advancement in high-tech appliances manufacturing industry in the country.
They also demanded withdrawal of 15 percent VAT on the locally made compressors and the reduction of imbalanced duties structure between the imported finished compressors and the raw materials of the locally made compressors.
Mohammad Shahabudding, general secretary of Bangladesh Refrigerator Manufacturers and Exporters Association, said earlier the government announced VAT exemption benefit for the local refrigerator, freezer and air conditioner manufacturers till the current fiscal year 2018-19.
The local entrepreneurs demanded the continuation of the present VAT exemption for the next couple of fiscal years, said a press release.
Shahabudding also informed that the local compressors manufacturers have to pay 5 to 25 percent duties on the import of necessary raw materials while the finished compressors importers pay 5 percent duties. In addition, the government imposed 15 percent VAT on the locally made compressors.
The local compressors manufacturers urged the government for withdrawing the present VAT and imposing lower import duties for the necessary raw materials comparing to the duties of imported finished compressors.
Dr. Saleh Ahmed, former governor of Bangladesh Bank, said, the local entrepreneurs made a tremendous progress in the high-tech appliances manufacturing industry of Bangladesh.
The fastest growth of the local appliances manufacturing industry will also allure foreign investment in this sector. To ensure the sustainable boost of this sort of industry in Bangladesh, the government should continue the present industry-friendly policy supports.
Dhaka, Sept 12 (UNB)- The 19th meeting of Risk Management Committee of Al-Arafah Islami Bank Ltd. (AIBL) was held recently at its head office in Purna Paltan area in the city.
Chairman of the Committee Md Liakat Ali Chowdhury presided over the meeting, according to press released issued on Wednesday.
Members Abdus Samad Labu, Md Abdus Salam, Md Amir Uddin, Managing Director Md Habibur Rahman, Deputy Managing Directors, Kazi Towhidul Alam, Md Fazlul Karim, Muhammad Mahmoodul Haque, Mohammed Zubair Wafa, Executive Vice President and Company Secretary, Md Mahmudur Rahman were present in the meeting.
Dhaka, Sept 12 (UNB) – The government will recognise 56 businesspeople on Thursday as Commercially Important Persons (CIPs) for their contributions to the country’s industrial sector through establishing industries, creating jobs and boosting economic growth.
Industries Minister Amir Hossain Amu will distribute the CIP cards (2016) among the recipients at a programme in the city on Thursday morning.
The recipients will enjoy the facilities under the CIP cards for one year from the day of receiving it, an official told UNB.
Eight business leaders --Abdul Matlub Ahmad, AK Azad, M Siddiqur Rahman, AKM Selim Osman, Rupali H Chowdhury, Selima Ahmad, Tapan Chowdhury, Mirza Nurul Gani Shovan -- will receive the CIP cards as ex-officiso, said the official.
Of the awardees, 20 people will receive CIP cards in the heavy industry (production) category while five will get in same category (service).
A total of 12 industrialists will receive the CIP cards in medium industry (production) category while three in the same category (service).
A total of five businesspersons will get CIP status in the category of small industries (production) while one person in the same category (service).
Meanwhile, two more businesspersons – one each in micro and cottage industries categories respectively - will get the CIP status.
A CIP card will remain valid for one year and the cardholders will get privileged entrance to ministries, invitation to various national-level events and citizen's reception hosted by the city corporation.
They also get priority in seat reservations in airlines, railways, roads and public transports in the waterways, and get letters of introduction from the foreign ministry for travelling abroad.
Parliamentary Standing Committee Chairman on Industries Ministry Omor Faruk Chowdhury and President of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) M Shafiul Islam Mohiuddin will also attend the event to be held with Industries Secretary (in-charge) Md. Abdul Halim in the chair.
Hanoi, Sep 12 (AP/UNB) — A top Chinese official and leaders of several Southeast Asian countries have taken aim at U.S. moves to protect American businesses, saying opening markets further is the only option for future growth.
Speaking Wednesday at a World Economic Forum meeting in Hanoi, Chinese Vice Premier Hu Chunhua said China would work with its neighbors to counter protectionism.
Indonesian President Joko Widodo drew laughs by likening trade wars to "infinity wars" in a reference to this year's movie based on Marvel's comics. Singapore's prime minister, Lee Hsien Loong, said the Southeast Asian region would work to keep markets and investment open and protect the "rules based" trading system.
Widodo did not mention President Donald Trump by name. But he drew hearty laughs when he mentioned the "Infinity War" villain, Thanos.