Chief Adviser Professor Muhammad Yunus on Wednesday expressed deep concern over the prolonged neglect of Bangladesh’s leather industry, describing it as a ‘lost economic prospect’ and urging swift, and strategic action to revitalise the sector.

“We have committed a crime over the country's leather industry. We didn’t value it properly,” he said while addressing a high-level review meeting on Bangladesh’s preparation for its graduation from the Least Developed Country (LDC) status.

Prof Yunus said Bangladesh was supposed to benefit economically from this industry, but that did not happen because the sector did not get the attention it deserved.

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He instructed that a separate meeting be arranged to discuss what needs to be done to solve the problems facing the leather sector.

The Chief Adviser also directed that another meeting be held within the next two months to review the steps needed for Bangladesh’s graduation from LDC status.

“We must do these things in our own interests and for the sake of our economy. We have to change the policies and laws that are not working and find a way forward. These are fundamental issues. We have to do these things for our own progress,” he said.

The meeting, which began at 11:00 am, was held at the Chief Adviser’s Office in Tejgaon with Professor Yunus in the chair.

The meeting discussed providing necessary support and incentives to other export sectors, similar to the readymade garment industry.

There was also discussion on offering duty-free import facilities for raw materials and machinery related to the man-made fibre industry.

Besides, the meeting discussed the full operation of the Effluent Treatment Plant (ETP) at the Tannery Village in Savar, the completion and full functioning of the ongoing API Park project in Gazaria, Munshiganj, and the steps taken to update the National Industrial Policy formulated in 2022.