The government will provide the furniture exporters with cash incentives to accelerate export earnings.
Commerce Minister Tofail Ahmed came up with the disclosure while inaugurating a three-day Bangladesh Furniture and Interior Decor Expo-2015 at Jamuna Future Park at Baridhara in the city yesterday.
Among others, Jute and Textile Minister Emaz Uddin Pramanik, Senior Commerce Secretary Hedayetullah Al Mamoon and FBCCI President Kazi Akram Uddin Ahmed attended the inaugural ceremony. A total of 51 furniture and home-furnishing firms are showcasing their products at the expo.
The government has given importance on the country’s furniture sector, as there is a huge potentiality in this sector, said Ahmed.
Tofail said, “In the sixth five-year plan, the government has given importance on diversification of products and market as well to reduce dependency only on few markets and products.”
As part of the move, the government will provide cash incentives against the export of furniture products including handicrafts, said Ahmed.
The minister said, “We will prioritise the five sectors-pharmaceutical, leather, information technology, shipbuilding and furniture-to boost the export of non-traditional items.”
“We’ve sent a demi-official (DO) letter to the finance ministry with a recommendation for cash incentives against the export of furniture and the issue will be finalized shortly,” said Ahmed.
Bangladesh Furniture Industry Owners Association President Selim H Rahman said: “If the government provides cash incentives, we will be able to generate employment for 25 lakh workers more.”
Furniture sector can be next to the RMG sector in term of export earnings as it is a labour intensive sector while Bangladesh is country of vibrant population, said Rahman.
During the first eight month of the current fiscal year, Bangladesh earned US $22 million exporting furniture, which was 13% less compared to the same period of last fiscal. In the last financial year Bangladesh exported furniture products of $42.5 million.
The display is being jointly organised by the Export Promotion Bureau, Bangladesh Furniture Exporters Association (BFEA), Bangladesh Handicraft Manufacturers and Exporters Association (BANGLACRAFT), Bangladesh Jute Diversified Products Manufacturers and Exporters Association and Bangladesh Furniture Industry Owners Association (BFIOA) in collaboration with Jute Diversification Promotion Center (JDPC).