Trade Advisor Sheikh Bashiruddin said, we have a lot of potential in the furniture industry. More investors are needed for the development of this industry.
He said this while speaking as the chief guest at a seminar titled Bangladesh Furniture Industry: Unlocking Export Potential organized by the Export Promotion Bureau and Bangladesh Furniture Exporters Association at the conference hall of the Bangladesh-China Friendship Exhibition Center in Purbachal on Monday (January 20, 2025) afternoon.
Mentioning the opportunity for change, Trade Advisor Sheikh Bashiruddin said, it is not possible to earn $5 billion by mid-2030 with a small number of companies in the furniture industry. However, we have potential in this sector. We need to think about how quickly we can make a place in the furniture world by pooling all our resources and utilizing national opportunities.
The trade advisor said, Bangladesh’s export trade was India-centric. As a result, the export market has probably not progressed much. We need to increase furniture production by targeting the global market and ensure quality.
Sheikh Bashiruddin, mentioning the corruption that has taken place in our economy, said, “During the previous government’s tenure, the potential of every sector of the country, including banking and garments, has been destroyed beyond imagination. Through corruption, the people of this country, including businessmen, have been deceived. The country’s potential has been destroyed, our dignity has been destroyed. We have to bear the burden of their corruption in the banking sector and will have to bear it in the future.”
It is not possible to increase business only with bond facilities. The advisor said that the garment industry has developed in the country due to bond facilities, but it has also harmed many industries. Bangladesh will exit the LDC, it cannot be reversed. Trade liberalization will take place, but if we do not increase our own capacity, we will not be able to survive in the future.
It is not right to increase business by making free trade agreements (FTAs) with more countries. Making FTAs with countries in Europe where we have access to their markets will actually harm the country. We should make FTAs with all the countries with which we have commercial potential, he said.
Stating that bond facilities are misused in many cases, he said, this must be stopped. Collective efforts will take us much further than the work done with bonds and FTA facilities. We are getting duty-free benefits in many countries.
Dewan Atif Rashid, Director of Bangladesh Furniture Exporters Association, presented the keynote at the seminar. The seminar, chaired by Vice Chairman of the Export Promotion Bureau Md. Anwar Hossain, was attended by panelists including National Board of Revenue member Moazzem Hossain, former Professor of Development Studies at Dhaka University Abu Yusuf, Professor of Materials and Metallurgical Engineering at BUET Dr. Ahmed Sharif, Dean of the School of Design at BRAC University Professor Fuad H. Mallick, Managing Director of Pran RFL Group Md. Ahsan Khan Chowdhury, Managing Director of Hatil Group Selim H. Rahman, etc.
It is worth noting that every year, a product is declared as the Product of the Year to accelerate export promotion and incentive activities. This year, furniture was declared as the Product of the Year.
On January 1, at the inaugural ceremony of the 29th Dhaka International Trade Fair (DITF) at the Bangladesh-China Friendship Exhibition Center (BCFC) in Purbachal, Chief Advisor Professor Dr. Muhammad Yunus declared furniture as the Product of the Year 2025.
