Bangladesh has estimated a significant growth in demand for raw materials for steel and cement industries by 2027. According to the country's Industries Minister, Nurul Majid Mahmud Humayun, the cement industry's demand for clinker will reach 25Mt for the period while demand for steel is expected to reach 15Mt due to the ongoing boom in infrastructure development.
He said procurement of raw materials for these industries will be the key challenge in the future to sustain the country’s economic growth. He also said that international and regional cooperation is unavoidable in maintaining a sound supply of raw materials.
The comments were made at the inaugural ceremony of the two-day ‘4th Bangladesh International Trade Summit 2024,’ a significant platform for discussing the projected demand for raw materials in the steel and cement industries, says local media. While challenges in procuring raw materials in the steel and cement industry necessitate imports, this also presents Bangladesh with a bigger opportunity for regional collaboration, Mr Humayun said.
He added that Bangladesh is one of the fastest-growing countries in the world in terms of GDP, with an average growth rate of seven per cent, a testimony to the increasing demand for raw materials in industries such as steel and cement.
