According to media reports, Bangladesh's domestic building materials manufacturers yesterday urged the government to impose tariffs on imported finished products to protect the domestic steel industry. At the same time, it also calls for the import of prefabricated steel to increase the tax intensity in the next stage.
Previously, the Bangladesh steel building Manufacturers Association (SBMA) proposed to cancel the tax-free preferential policy for foreign companies to establish factories in the economic zone to import finished steel products.
Rizvi, President of SBMA, said that due to the outbreak of covid-19, the construction steel industry raw materials suffered significant economic losses, because 95% of the industrial raw materials were imported into China. If the situation persists for a long time, it will be difficult for local steelmakers to survive.