Bangladesh, a strategically significant country in the Asia-Pacific region, is emerging as a hotspot of growth through sustainable practices. The economic expansion is expected to encourage the participation of more global companies and attract foreign investments.
Despite challenges such as the skyrocketing inflation, high interest rates, forex crunch, USD shortage and other economic headwinds, Bangladesh has a big scope of regional collaboration in different heavy industrial sectors, particularly in steel, cement, power, and ship recycling.
Speakers made the observation at a keynote session of the 4th International Trade Summit with the theme “Sustainable Future,” organised by market intelligence platform BigMint at Dhaka’s Pan Pacific Sonargaon on Tuesday.
BigMint Editor-Technology Nirmalya Deb moderated the session.
Industries Minister Nurul Majid Mahmud Humayun joined the session as chief guest, while PHP Family Chairman and Ekushey Padak winner for social services Sufi Mohamed Mizanur Rahman, Norwegian Ambassador to Bangladesh Espen Rikter Svendsen, BSRM Managing Director Aameir Alihussain and RRM Group Chairman Sumon Chowdhury were present as speakers.
The industries minister said, “We know that Bangladesh and India jointly organised this international summit in Bangladesh. The relationship between the two countries is historical and deeply rooted.
“The two-day conference shall bring together key stakeholders from steel, cement and power industries, including industry leaders, policymakers, traders and investors. It will provide a network for collaborative opportunities and a platform for discussion of trends and challenges in the market.”
Pointing to Bangladesh’s economic capability, he added, “Bangladesh’s economy is imbued with potential, dynamism and resilience. The country is now taking a futuristic approach by embracing sustainable solutions for industries and power generation.
“Bangladesh has a high geographic and strategic importance. It is witnessing greater investments and collaborations from countries such as China, Japan, India, and Korea. Bangladesh is paying attention to the diversification of other key industries apart from its major textile industry.”
Aiming to instill a sense of unity and empowerment, Sufi Mohamed Mizanur Rahman said, “Bangladesh is a mysterious, resilient, great, and an incredible nation renowned across the globe. Achieving independence in just nine months is an unparalleled feat in history.
“Though poverty and famine were once prevalent, these issues have now been relegated to the confines of museums.”
He added, “We have the power to change ourselves, and enhance our knowledge and wisdom by standing, meeting, and sitting together. Leaders are ordinary people with extraordinary determination. The difference between ordinary and extraordinary is a little bit of extra effort.
“When we believe we can do something, it empowers us to overcome the challenges. But with encouragement and information, we can achieve what we initially thought impossible, even if we lack the requisite qualities initially.”
Sufi Mohamed Mizanur Rahman then pointed out, “Each of us is a reservoir of energy. We have unlimited capacity within us. Let us all try together to make our world livable.”
Mentioning steel and cement as the biggest power consuming industries in the country, BSRM Managing Director Aameir Alihussain said, “When steel and cement industries run, there will be power demand because these are the biggest power consuming industries in the country.
“The country’s growth in the last 15 years has been very good. The policies are improving, the systems are improving, and this journey will continue in the coming days.”
He added, “The government is trying its best to control the inflationary economy because a lot of people are affected. Our foreign currency reserves need to be healthy as well, so that we are able to open letters of credit (LCs) more easily, and the USD rate remains stable.
“We will need to continue government spending in the future on infrastructure. Our country needs infrastructure, and we need more bridges, bigger roads, more capacity at the ports, uninterrupted electricity, and these types of development need to continue.”
Acknowledging Bangladesh's significant role in ship recycling, Norwegian Ambassador to Bangladesh Espen Rikter Svendsen said, “Bangladesh holds a prominent position in the ship recycling industry, leading in both dismantling and the number of ships recycled.
“The country is collectively handling around 90 per cent of the global ship recycling.”
He pointed out, “In my role as the Norwegian ambassador to Bangladesh, I have witnessed the remarkable progress in ship recycling practices. Bangladesh's ratification of the Hong Kong Convention marks a significant milestone, with several yards already certified as compliant.
“That marks the beginning of a new era. However, a lot of work remains. There are challenges and obstacles ahead, and we must not allow ourselves to be complacent.”
Steered by progression in infrastructure, construction & shipbuilding, the steel demand is expected to touch 15 mntpa by 2027. The cement industry, with its stable growth, is actively exploring opportunities to meet its clinker demand of 25 mtpa.
While challenges for procurement of raw materials in the steel and cement industry necessitates imports, it also presents Bangladesh a bigger opportunity for regional collaboration.
The 26k MW power sector is mostly dependent on non-renewable sources, though it is swiftly transitioning into clean and green energy.
About 450 delegates from 35 countries are attending the two day long summit. Delegates from Germany, Australia, Turkey, India, Austria, Russia, Taiwan, China, Japan, America and Bangladesh are participating in the event as well.
Besides, mill machine manufacturers, industrial consultants, material suppliers, consultants, industrial group engineers will participate in this largest conference of the world's steel, cement and power sectors.
