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Incentives for Bangla leather sector to continue for 5 yrs

Nov '19
Pic: Shutterstock
Pic: Shutterstock
Bangladesh will continue to offer cash incentives to exporters of leather goods and shoes for the next five years, Prime Minister Sheikh Hasina told the ‘Bangladesh Leather Footwear and Leather Goods International Sourcing Show’ recently. The country has also enhanced its economic diplomacy to connect domestic producers with importers abroad, she said.

Equal opportunity and policy support will be ensured for all export sectors, she said.

The government is playing an active role in assisting manufacturers of new products and creating new markets, Bangla media reports quoted her as saying.

Exporters with factories at the Savar Industrial Area will be entitled to a 5 per cent cash subsidy against the export cost from the government along with a 0.6 per cent tax deduction at source.

There are other incentives set out in the new policy adopted by the government this year for the development of the leather industry.

As a result, the leather goods and footwear industry surpassed the jute sector to become the country's second largest export earner raking in Tk 1.02 billion in the last fiscal.

“We’ll be able to earn $5 billion through the sector by 2022 If we can use all of our rawhide supplies to make the ‘finished product’ and export them,” said Hasina.

Fibre2Fashion News Desk (DS)

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November 2019

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