Bangladesh’s leather industry is faced with a tremendous opportunity.
The country should get behind Prime Minister Sheikh Hasina’s call to explore all the commercial potentials of leather this year.
With the export volume having increased 71 times over the last four decades, leather is a great choice as product of the year.
The time is ripe for entrepreneurs to increase capacity and their business window. As global business practices change and evolve, Bangladesh must strive to become more competitive on all fronts.
There is tremendous opportunity in leather exports, but the right kind of policy support is needed for the sector to flourish.
Banks, for example, could come up with loans on easy terms and low rates, while the government should ensure a smooth supply of services.
There is also a need for policy reform to keep up with the dynamic nature of global business.
Done right, Bangladesh could soon become a leading global exporter of leather products, which include processed leather, clothes, footwear, and other leather-based goods.
Right now, leather is the second-highest foreign currency earning industry in Bangladesh, after RMG.
Recent policy changes in China have opened up a new horizon of possibilities for Bangladesh, and we cannot afford to miss this chance.
The dynamism of the RMG industry has taken Bangladesh to great heights. It is time to expand, and look to newer possibilities.
Let leather drive the Bangladesh economy forward in 2017.