Local toy makers want duty cuts on imported raw materials
Dhaka, May 8 -- Local toy makers have demanded duty cuts on a number of components used in toy manufacturing, arguing that the high import duty is holding back the potential sub-sector's growth.
Despite having duty-free market access, quality goods and low labour cost, Bangladesh couldn't grab the global market of toys and seize a notable market share due to a lack of required policy support, they said.
In absence of a strong backward linkage accessories industry, the toy sub-sector is fully dependent on imported components.
"China, the main player of the global toy market, is shifting to high-tech industries due to its high labour cost, creating an opportunity for Bangladesh to strengthen its foothold in the global market," Bangladesh...
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