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Bangladesh’s government is to offer cash incentives to crust leather exporters to help growth in the leather sector.
Following a meeting with raw hide merchants, and leather and leather goods exporters, Tofail Ahmed, Bangladesh’s Commerce Minister, announced the government will provide a 5% cash incentive to crust leather exporters that have already relocated from Hazaribagh to the new Savar Leather Estate.
According to Ahmed, earnings from leather and leather good exports will soon cross the US$2 billion mark as the potential for growth remains strong, in particular, to meet demand from Germany, Japan, Italy and the U.S.
In August 2016, Bangladesh’s total exports reached US$3.33 billion in value, up 19.7% year-on-year, with the leather sector “performing well”.
The country has once again demanded duty-free access for its garment exports to the American markets during the visit of the U.S Secretary of State, John Kerry, on August 29.
Encouraged by record earnings in the previous fiscal year, the export target for fiscal 2016-17 has been increased by 8%, to US$37 billion.
Source: The Daily Star