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Furniture makers seek duty cut

National Furniture Fair begins

Star Business Report
Furniture makers have demanded a cut in the 55 percent import duty imposed on all raw materials except wood, to gain competitive advantage in the global market and increase exports.
“If the government gives us licence for bonded warehouse, the export volume would increase rapidly as manufacturing cost would come down,” said KM Aktheruzzaman, president of Bangladesh Furniture Exporters' Association (BFEA).
He was addressing the opening ceremony of the 15 th edition of the five-day National Furniture Fair 2018 organised by the Design and Technology Centre Ltd at International Convention City Bashundhara in the capital yesterday.
"Now we export world-class furniture to different countries, including India, Nepal, Bhutan, Australia, Canada and those in the Middle East," Aktheruzzaman said.
Export earnings hit around Tk 600
crore last year, he said.
Aktheruzzaman sees a huge potential for furniture business at home and abroad.
Shubhashish Bose, senior secretary to the commerce ministry, said the government was committed to incentivise the sector for the diversification of exports.
The secretary gave assurance of placing the issues related to bonded warehouse and import duty before the authorities concerned for consideration.
He said the sector has good potential in Bangladesh thanks to the availability of low-cost labour.
"Furniture has gained elegance and class alongside rapid urbanisation in the country. The spending capacity of around 30 percent of the population has increased and they now seek to purchase quality products."
There are even some high-income people who change their furniture frequently, he said. "The manufacturers should put emphasis on office furniture along with home furniture."
Bijoy Bhattacharjee, vice-chairman of the Export Promotion Bureau, said local companies now cater to 90 percent of the demand whereas just 10 to 15 years ago Bangladesh was importing 60 percent to 70 percent of the furniture from Malaysia and China.
He suggested manufacturers minimise cost and produce products what customers from all income group can afford.
"The demand for furniture will not decrease in the country rather it will increase by keeping pace with the rising per capita income."
"So there is huge potential for furniture business in the future as developed countries are gradually abandoning furniture manufacturing as well," he added.
Sheikh Fazle Fahim, senior vice president of the Federation of Bangladesh Chambers of Commerce and Industry, and Selim H Rahman, chairman of Bangladesh Furniture Shilpa Malik Samity, and Sheikh Abdul Awal, vice chairman, also spoke.