Bangladesh Mammon Shoemaker Expands Business With China
Fortuna Bangladesh is preparing to diversify its manufacturing capability by increasing its manufacturing capability.
Footwear business
A Chinese company will join. Bengal God of wealth plans to set up the first shoe mold factory in September.
Previously, the fortune group has invested 560 million Taka, set up new factories and imported high-tech machines.
Fayez Tahir, chief executive of Bengal's manufacturing and retail division, said that in February, a factory was built at Kunia (Gazipur) in FayazTaher to expand the company's advanced production equipment to 6000 pairs of shoes per day, and the current capacity is 2500 pairs.
Moreover, Chinese buyers are now entering Bangladesh, as China's labor costs are rising.
In addition, many European buyers are eyeing Bangladesh to EU countries.
Zero tariff
The advantage of exports is that 16.5% of the extra tax is levied on shoes exported from China.
As set by WTO
Anti dumping rules
Countries such as India and China can not produce leather products of high quality and low price, so orders from Japan, France, Germany, Italy and Canada are fast flowing into Bangladesh enterprises.
Previously, India, Vietnam and China were the biggest exporters of leather shoes.
According to Tahir, the fortune God shoes company will be managed by foreigners. For example, they will employ Chinese experts in charge of technology and manufacturing departments. They choose American designers to be responsible for the company's creative and design departments.
Bangladesh's overall leather shoes market is 17 billion Taka, of which 45% is used for export.
About 6 million pairs of leather shoes are exported each year.
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