PM announces continuation of incentives in leather sector
Prime Minister Sheikh Hasina today announced continuation of incentives in leather sector for at least five more years aimed at achieving the desired export target of the leather and footwear industry, reports BSS.
“The incentive in leather sector will be continued for at least five more years with a view to achieving the desired export target from the leather and footwear industry,” she said.
The prime minister was addressing while inaugurating the third edition of three-day Bangladesh Leather Footwear and Leathergoods International Sourcing Show (BLLISS), 2019 at Bangabandhu International Conference Centre (BICC) here this morning.
Noting that as part of export diversification, leather sector is being defined as the priority one in the economy and National Industrial Development Strategy, she said “Our government, in its last two tenures, has taken various initiatives such as giving policy support and incentives for development of the leather and footwear industry.”
“Due to the initiatives taken by her government, 82 percent of foreign currency is coming from export of leather and footwear industry products as factories in this sector is mushrooming alongside increasing the interest of investing money to this end,” she continued.
She, however, mentioned that king share of foreign currency would come from export of leathers as raw material a decade ago.
The premier hoped that the country will definitely achieve the target of earning foreign currency of US $ 5 billion by 2022 from export of leather goods, which is now $ 1.2 billion.
“If we can export our entire raw leather products by making those finished ones, we will be able to easily earn US $ 5 billion foreign currency from this sector by 2022,” she added.
The Ministry of Commerce and the Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB) have jointly organised the event to attract more investment in the leather sector.
Commerce Minister Tipu Munshi, Chairman of its Parliamentary Standing Committee Tofail Ahmed, PM’s Private Industry and Investment Adviser Salman Fazlur Rahman, Commerce Ministry Secretary Dr. Md Jafar Uddin and LFMEAB President Saiful Islam spoke on the occasion.
Ministers, parliament members, diplomats, dignitaries and the leaders of different trade bodies were also present.
An interactive audio-video presentation on various sides of the past, present and the future of Bangladesh’s leather sector was screened at the function.
