Reduce import duty on urea resin: BEMMA
Dhaka, June 24 (UNB) – Experts and entrepreneurs on Sunday urged the government to reduce the import duty on urea resin from 25 percent to 5 percent to facilitate small and medium electrical industries in the country.
They said the country’s electrical goods manufactured by small and medium industries will lose the compatibility with imported products due to the high import duty imposed on white urea resin, the basic raw material used in the sector, in the national budget for fiscal 2012-13.
Besides, they said, the high import duty on raw materials for electrical industries and under-invoicing of the import of finished electrical products will give advantage to the traders of foreign, low-quality electrical goods, and hamper the prospects of the local electrical industry.
They were speaking at a seminar titled ‘Electrical Industry: Its Problem, Solution and Prospect’, jointly organised by Bangladesh Electrical Merchandise Manufacturers Association (BEMMA) and Engineering Products Business Promotion Council (EPBPC).
K Siddique-e-Rabbani, chairman of the Department of Biomedical Physics and Technology of Dhaka University, in his keynote paper at the seminar, said, “Although the local electrical industry is mostly comprised of small and medium factories, it provides for about 80 percent of the total demand of electrical goods in the country.”
“If we consider the future expansion of electricity generation, the local electrical industry has huge potentials, not only in terms of money it will generate, but also from the aspect of employment opportunities in the sector,” he said.
“It’s a technology-based industry. We can even compete in the international market, provided the government shows a friendly attitude towards the entrepreneurs in the sector,” he added.
BEMMA president Mosharraf Hossain Bhuiyan said, “In order to assure the steady growth of the electrical industry, the government needs to provide facilities to small and medium entrepreneurs so that their products remain compatible with the foreign products.”
Industries Minister Dilip Barua, in his speech as the chief guest, said, “Only the growth of light industries in the country can ensure us of the employment generation needed to meet the Vision 2021.”
The minister pointed out that extra facility such as and under-invoicing of finished imported goods have been benefiting the traders at the expense of the growth of light industries in the country.
He said he will convey to the finance minister the logical demands of the entrepreneurs in the electrical industry, especially the demand of reducing the import duty on urea resin from 25 percent to 5 percent.
Chaired by BEMMA president Mosharraf Hossain Bhuiyan, the seminar was also addressed by Jashim Uddin, first vice-president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), and Kamal Ahmed Bhuiyan, senior vice-president of BEMMA.
They said the country’s electrical goods manufactured by small and medium industries will lose the compatibility with imported products due to the high import duty imposed on white urea resin, the basic raw material used in the sector, in the national budget for fiscal 2012-13.
Besides, they said, the high import duty on raw materials for electrical industries and under-invoicing of the import of finished electrical products will give advantage to the traders of foreign, low-quality electrical goods, and hamper the prospects of the local electrical industry.
They were speaking at a seminar titled ‘Electrical Industry: Its Problem, Solution and Prospect’, jointly organised by Bangladesh Electrical Merchandise Manufacturers Association (BEMMA) and Engineering Products Business Promotion Council (EPBPC).
K Siddique-e-Rabbani, chairman of the Department of Biomedical Physics and Technology of Dhaka University, in his keynote paper at the seminar, said, “Although the local electrical industry is mostly comprised of small and medium factories, it provides for about 80 percent of the total demand of electrical goods in the country.”
“If we consider the future expansion of electricity generation, the local electrical industry has huge potentials, not only in terms of money it will generate, but also from the aspect of employment opportunities in the sector,” he said.
“It’s a technology-based industry. We can even compete in the international market, provided the government shows a friendly attitude towards the entrepreneurs in the sector,” he added.
BEMMA president Mosharraf Hossain Bhuiyan said, “In order to assure the steady growth of the electrical industry, the government needs to provide facilities to small and medium entrepreneurs so that their products remain compatible with the foreign products.”
Industries Minister Dilip Barua, in his speech as the chief guest, said, “Only the growth of light industries in the country can ensure us of the employment generation needed to meet the Vision 2021.”
The minister pointed out that extra facility such as and under-invoicing of finished imported goods have been benefiting the traders at the expense of the growth of light industries in the country.
He said he will convey to the finance minister the logical demands of the entrepreneurs in the electrical industry, especially the demand of reducing the import duty on urea resin from 25 percent to 5 percent.
Chaired by BEMMA president Mosharraf Hossain Bhuiyan, the seminar was also addressed by Jashim Uddin, first vice-president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), and Kamal Ahmed Bhuiyan, senior vice-president of BEMMA.
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