World

Managing Director of the Bangladeshi Apex is the new President of LFMEAB

Mar 25, 2022 Bangladesh

The board of the Leathergoods and Footwear Manufacturers & Exports Association of Bangladesh has unanimously elected Syed Nasim Manzur to the role of President

In his first speech as the new President, he highlighted the importance of diversifying markets to foster further growth. Mr. Manzur specified that “there is high growth possibility” for Bangladeshi’s leather goods, leather and synthetic footwear exports to the US market. He added that “leading US brands of the USA are looking at Bangladesh for sourcing right now”, but the country’s ability to gain market share will depend on the level of preparedness, speed and competitiveness.

Currently, the forecast for 2022 remains very uncertain due to several factors, including the slowdown of the economic recovery. “Despite the rising trend of exports, exporters are facing challenges due to massive supply chain disruptions, unimaginable increases in shipping costs, and rising prices of almost all materials”, it can be read on the statement about the last annual general meeting of LFMEAB.

In the first eight months of the current fiscal year (July 2021 to June 2022), leather exports generated 784.98 million US dollars, which reflects an increase of 29.61%, as compared to the prior year. The export level was quite above the strategic target set for the period of 688.54 million US dollars.

Image Credits: LFMEAB

Bangladesh Exports Footwear Leather Leather goods Organisations