Pre-fabricated steel building sector to sustain Tk 4bn loss

The raw material of the pre-fabricated steel building industry has suffered a significant financial loss due to the infection of the Novel Corona (Covid-1) virus.

General Secretary of the Steel Building Manufacturers Association of Bangladesh (SBMA), Rashed Khan fears thousands of crores  of financial loss to be incurred by the investors in this sector.  The pre-fabricated steel building industry, known as the “firehouse” of the industry, is on the verge of destruction today. About 5% of the country’s factory shed sheds are currently built by pre-fabricated steel buildings. 

The pre-fabricated steel building is affordable, earthquake tolerant and, while maintaining quality standards, complies with Accord-Alliance and Compliance at a minimal cost. For this reason, pairing of pre-fabricated steel building to meet factory loads. 

But 5% of the industrial raw materials are imported from China. Since last December, the importers of the Novel Corona (Covid-1) virus have been infected in China, and domestic importers have been suffering various kinds.

Md. Rashed Khan said the industry has about two lakh manpower directly and indirectly more than 1 lakh manpower. In the current situation, more than 1 million permanent-temporary workers and employees will be deprived of employment, leaving monthly salary benefits.  Pre-fabricated steel building industries are currently facing a very critical situation as the existing factories, government’s Cyclone Shelter Centers and warehouse construction activities are completely closed. Some of the factories went into lockdown indefinitely.

He said that due to lack of raw materials, the companies could not provide timely bills as they could not supply the building as per the demand of the buyers, so they could not pay the installments of the bank, adjustment of deals, payment of salaries to workers, factory electricity bills, gas bills,  he thanked the Prime Minister for her timely action. 

At present there are about 5 organizations in the pre-fabricated steel building industry within the Steel Building Manufacturers Association of Bangladesh (SBMA) and about 20 other pre-fabricated steel building industry organizations outside the association.

Rashed Khan further said that if such conditions continue, the pre-fabricated steel building industries will not be able to carry out their operational activities. The pre-fabricated steel building industry is one of the key sectors in the globalization agenda, which is committed to implementing Vision 2021 with a view to building digital Bangladesh. 

 In order to overcome this situation, the direct intervention of the Prime Minister and cooperation of the Finance Minister, Commerce Minister and Industries are sought for the grant of special funds from the Prime Minister.  

He stressed that without pre-fabricated steel building, no industrial establishment can be thought of as it would be impossible to develop the domestic industry without the development of this industry. That is why the recent speech of Prime Minister reflects the hope of the nation as he announced the package for all industries. 

He said that the incentive package he announced would play a pivotal role in boosting the country’s national economy after the domestic industrial-trade trade and, above all, death disorder.

Md. Rashed Khan drew the attention of the Hon’ble Finance Minister through the Honorable Commerce Minister to waive the 8% advance tax imposed on the import tariff for the pre-fabricated steel building industry. 

And it is also important to arrange for the provision of 7 days deferred instead of 7 days deferred to import raw materials of this industry. 

The pre-fabricated steel building industry is called the “industry of art.” For this reason, he believes that if the pre-fabricated steel building industry is saved, all industries in the country will be saved.