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Bangladeshi manufacturers could see brighter prospects for the leather sector in the footwear and garment industries because of a shift in China, the world’s second largest economy.
They expect Bangladesh to be an attractive destination for leather manufacture as China, the world’s largest manufacturer, becomes less competitive due to higher costs and legislation controls.
The manufacturers believe Bangladesh’s annual $550 million footwear industry may grow to a $15 billion sector within a few years, if the opportunity is seized.
Leather sector businessmen say foreign entrepreneurs are interested in Bangladesh’s footwear, thanks to the availability of raw hide, processing infrastructure, low labour costs, and government incentives including duty-free machinery imports.
Leather Goods and Footwear Manufacturers and Exporters Association (LGFMEA) President Syed Nasim Manjur said at least 51 foreign companies had already expressed interest in establishing joint-venture footwear units in Bangladesh.
“China, the world’s largest footwear manufacturer, is now withdrawing from the global market. And our country is ready with huge potentials to attract foreign investments in the sector,” he said.
Source: BD News 24