‘Innovation key for leather sector to tap global markets’

Bangladesh’s leather industry needs to focus on innovation and environmental compliance to tap the vast opportunity offered by the global markets, said experts.

They came up with the recommendation in a session at a two-day International Investment Summit -2021 on Leather and Leather Goods organised by Bangladesh Investment Development Authority (BIDA) in Dhaka on Monday.

Speaking at the event, Bay Footwear Limited Managing Director Ziaur Rahman said globally, Bangladesh is in a better position compared to its peers but needs to maintain the international standard and the government’s policy support for further development.

He identified some challenges currently faced by the industry including supply chain, global standard, and proper policy support to develop the sector.

Sustainable Leather Foundation Managing Director Deborah Taylor said Bangladesh needs to follow the EU regulations to improve the sector.

The risk factors should be reduced and security must be ensured to boost exports of the leather products, he added.

Blue Ocean Lien Chun Yao said Bangladesh should focus on environmental impact issues for attracting foreign investment.

He also suggested the government provide policy support and encourage the new companies to enter the industry.

Leather Naturally spokesman Mike Redwood who joined the vent virtually said that Bangladesh has a huge opportunity to do well in the sector. Bangladesh just needs to be innovative and creative in the sector.

Parliamentary Standing Committee on Ministry of Industry Chairman Amir Hossain Amu said Bangladesh turned into a hub of investments by the visionary leadership of Prime Minister Sheikh Hasina.

The leather is the second-largest export earning product and the government is very active to develop the sector, he added.

He also called the manufactures to bring innovations to the sector for further development.

Apex Footwear Limited Managing Director Sayed Nasim Manzur, in his keynote paper, said Bangladesh ranked 8th in the world footwear market in terms of volume with more than 20 billion pairs of shoes produced annually.

Of the total production, 85 percent is used in the domestic market, while the rest is exported. 64 percent of consumers said that they would be interested to pay more for sustainable shoes.

He also recommended some points including improving the logistics sector, transport facilities, simplifying customs clearance.

Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh President Md Saiful Islam moderated the session.