Bangladesh Bank yesterday announced that makers of prefabricated steel structures will now have almost a year to clear their letters of credit for raw material imports in a bid to facilitate growth in the industry.
Local manufacturers now control 90 per cent of the once import-heavy prefabricated steel market thanks to capacity building and an increase of skilled manpower, according to industry insiders.
While foreign construction firms are using imported prefabricated modular units of steel in the country’s mega projects, Dhaka Mass Transit Company is using that made locally in the metro rail project, resting assured of their international standard.