Spending power of 40m Bangladeshis is on par with Europeans: Tipu

Business Report :
Commerce Minister Tipu Munshi says that almost 40 million Bangladeshis now possess substantial spending power, comparable to that of Europeans.

“Some people in our country have entered high economic class,” he said during the opening of the National Furniture Fair on Tuesday.

He encouraged furniture traders to produce European-style furniture, as a considerable number of Bangladeshis can now afford such products.

“These 40 million people will pay premium prices for quality products,” he said.

“Furniture craftsmanship has seen a revolutionary transformation in Bangladesh over the past decade.

Locally-made furniture is of such good quality that we don’t need to import much of it from abroad.”

This, in turn, has contributed to foreign currency savings, allowing local traders to focus on furniture exports.

While acknowledging the importance of attracting local buyers to the fair, Munshi urged the industry to explore strategies to entice foreign customers, emphasising the need to broaden the sector’s appeal.