Steel, ship and cement industries have huge potential: Industry Minister
“Our Prime Minister Sheikh Hasina and Indian Prime Minister Narendra Modi both are working together to take this relationship to a new height,” he said.
Bangladesh has potential in the steel, ship, and cement industries, and the country can achieve significant growth by utilising these sectors, said Industry Minister Nurul Majid Mahmud Humayun today (14 May).
Addressing foreign investors at the inaugural ceremony of the "4th Bangladesh International Trade Summit 2024" in the capital, the minister said that with a population of 172 million, Bangladesh presents a significant opportunity, offering a vast consumer market and a substantial pool of manpower.
The two-day summit has been jointly organised by Bangladesh and India with the theme of "Sustainable Future".
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Some 500 representatives of the steel, cement, power and shipbreaking industries sector from 25 countries are participating in the summit.
The minister also said the relationship between Bangladesh and India is historical and deeply rooted.
"Our Prime Minister Sheikh Hasina and Indian Prime Minister Narendra Modi both are working together to take this relationship to a new height," he said.
Ambassador of Norway in Bangladesh Espen Rikter Svendsen said the ship recycling industry is the only big global industry in which Bangladesh is the world leader.
"The government has introduced legislation, rules, guidelines, etc, and established institutions like the Ship Recycling Board. Additionally, the industry itself has done a laudable job in preparing for the implementation of the convention. It is currently in the process of upgrading its facilities and practices to meet international standards," he said.
Several yards actually are already certified as compliant with the Hong Kong Convention compliance. This is a huge achievement, said the ambassador.
At the event, sector insiders demanded uninterrupted power supply and wanted more infrastructures for a strong supply chain.
Aameir Alihussain, managing director of BSRM, said, "We will need continued government spending in the future on infrastructure. We require more bridges, larger roads, and increased capacity at the ports."
He added, "Steel and cement factories are the largest consumers of power. We require uninterrupted electricity. It is also crucial to maintain a healthy foreign currency reserve, enabling easier opening of letters of credit and ensuring stability in the dollar price."
