Financial Express :: Financial Newspaper of Bangladesh
Foreign buyers line up to source furniture
Monira Munni
Furniture sector can be a good source of diversifying the country's traditional export basket if local manufacturers upgrade their facilities through skilled manpower and contract manufacturing, industry people said.
They said a significant number of buyers from America, England and Japan are inquiring to source furniture from Bangladesh due to their China plus policy.
The sector could create employment for about five million people with government's policy support, creating skilled manpower and introducing sub-contracting system among the small and medium entrepreneurs.
"Bangladesh has tremendous potential to attract foreign buyers especially those who source furniture from China," President of Bangladesh Furniture Industries Owners' Association Selim H Rahman told the FE Friday.
Buyers from different countries are opting to import furniture from new destination as production cost has significantly increased in China mainly due to labour cost.
"And that is a great opportunity for Bangladesh as it has vast potentiality of becoming an important destination for sourcing quality furniture," said Chairman and Managing Director of Hatil Complex Ltd.
"Lack of skilled manpower is one of the major hindrances in the growth of the sector," President of Bangladesh Furniture Exporters Association (BFEA) KM Akhtaruzzaman said.
"The furniture industry does not only cater to the need of local consumption but also produce furniture of international standard," a senior official of Export Promotion Bureau (EPB) said.
"Furniture is another arena along with our traditional export items which can prove to be a very promising sector," he said.
The industry people said Bangladesh will be able to export products worth US$ 40 million by 2015 with an additional $ 10 million worth of accessories and soft furniture export annually.
And this export volume can increase up to $ 1.0 billion by 2020 if better market linkage is ensured, he added.
The sector contributes about 0.29 per cent to the GDP (Gross Domestic Product), according to BFEA.
At present, the local furniture market stands at Tk 100-120 billion a year and employs about 3.0 million people directly, according to BFEA.
The sector earned $ 5.56 million in the July-August period of the current fiscal year (FY 2012-13). The earning was $27.14 million in 2011-12 fiscal, $ 21.38 million in FY 2010-11 and $ 19.26 million in FY 2009-10, according to EPB data.
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Foreign buyers line up to source furniture
Monira Munni
Furniture sector can be a good source of diversifying the country's traditional export basket if local manufacturers upgrade their facilities through skilled manpower and contract manufacturing, industry people said.
They said a significant number of buyers from America, England and Japan are inquiring to source furniture from Bangladesh due to their China plus policy.
The sector could create employment for about five million people with government's policy support, creating skilled manpower and introducing sub-contracting system among the small and medium entrepreneurs.
"Bangladesh has tremendous potential to attract foreign buyers especially those who source furniture from China," President of Bangladesh Furniture Industries Owners' Association Selim H Rahman told the FE Friday.
Buyers from different countries are opting to import furniture from new destination as production cost has significantly increased in China mainly due to labour cost.
"And that is a great opportunity for Bangladesh as it has vast potentiality of becoming an important destination for sourcing quality furniture," said Chairman and Managing Director of Hatil Complex Ltd.
"Lack of skilled manpower is one of the major hindrances in the growth of the sector," President of Bangladesh Furniture Exporters Association (BFEA) KM Akhtaruzzaman said.
"The furniture industry does not only cater to the need of local consumption but also produce furniture of international standard," a senior official of Export Promotion Bureau (EPB) said.
"Furniture is another arena along with our traditional export items which can prove to be a very promising sector," he said.
The industry people said Bangladesh will be able to export products worth US$ 40 million by 2015 with an additional $ 10 million worth of accessories and soft furniture export annually.
And this export volume can increase up to $ 1.0 billion by 2020 if better market linkage is ensured, he added.
The sector contributes about 0.29 per cent to the GDP (Gross Domestic Product), according to BFEA.
At present, the local furniture market stands at Tk 100-120 billion a year and employs about 3.0 million people directly, according to BFEA.
The sector earned $ 5.56 million in the July-August period of the current fiscal year (FY 2012-13). The earning was $27.14 million in 2011-12 fiscal, $ 21.38 million in FY 2010-11 and $ 19.26 million in FY 2009-10, according to EPB data.
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