Businesses want withdrawal of lift import duty hike

Businesses in the port city today demanded withdrawal of the 10 percentage points hike in import duty on lift and escalators in order to keep the domestic prices of the products in control and save them from incurring financial losses.

Terming lift and escalators as 'essential products', the business leaders urged to keep the products in the category of 'essential capital machinery' and lower the import duty to its previous level of 15.75 per cent.

They made the demands while addressing a protest rally forming a two-hour human chain organised by the Bangladesh Elevators and Lift Importers Association (BEELIA) in front of Chattogram Press Club.

The owners and staff of different lift importing and supplier firms participated in the human chain formed at 11am.

At the rally, Pujan Sen Gupta, BEELIA member and also the president of Chattogram Elevator Business Forum, said local consumers will be affected if the 10 percentage points hike is imposed as imports meet 90 per cent of the country's annual demand for lift and escalators.

The government is raising import duty to protect the domestic lift manufacturing industry, he said.

Imposing additional burden on an import-oriented industry like this will destabilise the whole market, as the country's demand is mostly met through imports, Gupta said.

Forum General Secretary Minhaj Mahbub said the hike of import duty from the earlier 15.75 per cent to 25.75 per cent will ultimately increase prices of the products at the consumer level.

The leaders of the industry urged the government to lower the duty to the earlier level for the sake of the sector.