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Constructive duty policy a must for the growth of the furniture industry

Constructive duty policy a must for the growth of the furniture industry

Though Bangladesh is widely known for its garments and textile products, there are other industries that are considered potent to capture global market in the near future. And the furniture sector is one of them, which has emerged as a major exporter with robust growth recorded over the last couple of years. However, despite being an export potential industry, the sector is grappling with numerous challenges in expanding its export market due to high dependency on imported materials and lack of policy support. Industry insiders say a favorable duty policy needs to be formulated for this sector’s growth, as over 50% of raw materials are imported. Speaking to the Dhaka Tribune, A Karim Mojumder, treasurer of Bangladesh Furniture Exporters Association, said: “Import duty on raw materials is a major challenge facing the industry. Since traders manufacture furniture both for local and export markets, they are not entitled to enjoy bonded warehouse facilities.

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