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 the Commonwealth countries.

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

FBCCI President Mahbubul Alam was present as the chief guest in the meeting at the office of the apex trade body in Gulshan in the capital.

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

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

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

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In the discussion. Dr Sumon Chowdhury said that currently the total steel production capacity of Bangladesh is about 15 million tonnes per year and by 2025 it will be 20 million tonnes.

“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.