Tipu calls for investments in leather industry

Commerce Minister Tipu Munshi on Wednesday asked the local investors and the foreign financiers to invest in the leather industry of Bangladesh to boost the production as well as exports.

The minister came up with the remarks while speaking as chief guest at the inaugural ceremony of three-day Leathertech Bangladesh 2022 at the International Convention City Bashundhara in Dhaka. The government has launched 100 economic zones to inspire the foreign investors as those can boost production, he said adding: “The government is also encouraging new entrepreneurs in the sector.”

In the future, the leather industry will contribute more to the country’s economy than RMG sector, he said.

“We are trying to push export earnings to $10 billion to $12 billion within the year 2030. Export earnings in the leather industry has increased by

30 per cent in the incumbent year.”

Delivering the welcome speech at the inaugural ceremony, ASK Trade and Exhibitions director Nanda Gopal K said, “We have arranged the event after a gap of nearly three years due to the Covid pandemic.”

“The event offers an opportunity to bring the manufacturers and suppliers of machinery, components, accessories, dyes and chemicals under a single umbrella,” he added.

Leather Goods and Footwear Manufacturers and Exporters Association president Syed Nasim Manzur said, “We are producing quality products for a number of global prominent brands.”

Export earnings increased by about 18 per cent in the financial year 2020-21 which has grown by about 30 per cent in the first seven months of the current financial year 2022-23, he said.

The sector could play a significant role if the government ensures RMG-like facilities for the sector, he said.

The government should offer duty-free facilities on import of technology, mercenary and other raw materials for the sector, he added.

ASK Trade and Exhibitions Pvt Ltd is holding the event where around 200 exhibitors from 10 countries along with members of the Council for Leather Exports and the Indian Footwear Components Manufacturers Association are displaying machinery, components, chemicals and accessories for leather goods like footwear and bags.