Scrap import duty hike on lifts, escalators

Businesses in Chattogram yesterday demanded the withdrawal of a 10 per cent hike in the import duty on lifts and escalators in order to keep their prices stable and thereby prevent local suppliers from incurring loss.

They also urged for lifts and escalators to be kept in the category of "essential capital machinery" alongside lowering the import duty to its previous level of 15.75 per cent.

They made these demands while addressing a protest organised by the Bangladesh Elevators and Lift Importers Association (BEELIA) in front of Chattogram Press Club.

The owners and staff of different elevator and escalator importing and supplier firms participated in the human chain formed at 11:00am.

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

The government is raising the import duty in a bid to protect the domestic lift manufacturing industry.

"But imposing additional burdens on an import-oriented industry like this will destabilise the whole market as the country's demand is mostly met through imports," Gupta added.

Minhaj Mahbub, general secretary of the Chattogram Elevator Business Forum, said the hike in import duty from the earlier 15.75 per cent to 25.75 per cent will ultimately increase prices at the consumer level.

As such, leaders of the industry urged the government to lower the duty to the previous level, he added.