Industry experts of Bangladesh suggest that, to increase the country’s export of leather related goods proper incentives are required. This opinion was announced by the participants of the discussion meeting between Business Initiative Leading Development (BUILD) and the Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB).
Being a non-traditional sector, the leather industry gets little percentage of the Export Development Fund compared to ready-made garments. Reformation of the policy is required in this field, and also the tax should be decreased on royalties to hit the $5 billion export target, speakers said at the meeting.
They continued to add, “Efficiency of the port is also needed to increase the exports, so the port handling should be handed over to the private sector as they have an excellent track record in this matter. This may lead to better growth of revenues, increased efficiency and a decrease in lead times for export and import.”
The speakers at the meeting also suggested to set-up a passbook system and a central bonded warehouse. Also by establishing a leather product village near Savar tannery estate would increase development of the leather industry in the country.
The meeting was attended by various senior officials of BUILD and LFMEAB.