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Fortuna to open new factory

01/07/2010
Footwear firm Fortuna Bangladesh has said it aims to compete against competitors from India and China in the lucrative European Union market.

Chief executive, Fayaz Taher, has told local media: "Many buyers from China are now coming to Bangladesh as their cost of labour is increasing. Many European buyers are also looking to take advantage as an additional 16.5% tax is levied on leather footwear exports from China."

The group is poised to open a new factory in which it has invested $8 million to raise its production capacity from 2,500 to 6,000 pairs a day.

Mr Taher said he believed footwear can be "the next garment industry for Bangladesh" because of its potential to earn the Asian county billions of dollars in export revenues.

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