Pakistan has good chance to tap global synthetic leather market
Local industry players asked to focus on the Asia-Pacific region
Raw leather hides PHOTO: AFP
LAHORE:
The international synthetic leather market is projected to cross $33 billion by the end of 2021, which provides a good opportunity for Pakistani synthetic leather producers to grab their share of the pie.
Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javed stated this while talking to a delegation of the Pakistan Artificial Leather Importers and Merchants Association, led by its Regional Chairman Fahimur Rehman Saigol, at the LCCI premises.
Javed said demand for synthetic leather was growing in the international footwear, furnishing, automotive, clothing, bags and various other industries and Pakistan’s synthetic leather industry had a good chance to contribute and earn huge foreign exchange for the country.
Incoming support: Leather industry confident of increasing exports
He urged the synthetic industry to focus on the Asia-Pacific region that dominated the synthetic leather market and accounted for over 42% of the overall market revenues.
He pointed out that footwear and automobile industries were anticipated to grow at a rapid pace. China, India and South Korea are expected to be the major growth drivers as rising disposable income coupled with increasing population created huge avenues for growth in demand.
“China is the largest revenue-generating region in the Asia Pacific. The country has a rapidly growing automotive and footwear industry. It mainly imports faux leather from India, Korea and Italy,” the LCCI chief said.
China constitutes around 30% of the global production. It is also among major consumers of animal skin in wide application segments such as automotive, furnishing and clothing.
Leather industry demands duty-free import
Javed was of the view that synthetic leather could become an important export-oriented sector provided the government included it in its priorities and facilitated it through good policies. “This sector can also bring a revolution in value addition and can export finished goods to all over the world.”
Delegation head Saigol praised LCCI’s efforts for economic revival of the country and for working as the biggest platform for the business community.
Published in The Express Tribune, October 28th, 2017.
The international synthetic leather market is projected to cross $33 billion by the end of 2021, which provides a good opportunity for Pakistani synthetic leather producers to grab their share of the pie.
Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javed stated this while talking to a delegation of the Pakistan Artificial Leather Importers and Merchants Association, led by its Regional Chairman Fahimur Rehman Saigol, at the LCCI premises.
Javed said demand for synthetic leather was growing in the international footwear, furnishing, automotive, clothing, bags and various other industries and Pakistan’s synthetic leather industry had a good chance to contribute and earn huge foreign exchange for the country.
Incoming support: Leather industry confident of increasing exports
He urged the synthetic industry to focus on the Asia-Pacific region that dominated the synthetic leather market and accounted for over 42% of the overall market revenues.
He pointed out that footwear and automobile industries were anticipated to grow at a rapid pace. China, India and South Korea are expected to be the major growth drivers as rising disposable income coupled with increasing population created huge avenues for growth in demand.
“China is the largest revenue-generating region in the Asia Pacific. The country has a rapidly growing automotive and footwear industry. It mainly imports faux leather from India, Korea and Italy,” the LCCI chief said.
China constitutes around 30% of the global production. It is also among major consumers of animal skin in wide application segments such as automotive, furnishing and clothing.
Leather industry demands duty-free import
Javed was of the view that synthetic leather could become an important export-oriented sector provided the government included it in its priorities and facilitated it through good policies. “This sector can also bring a revolution in value addition and can export finished goods to all over the world.”
Delegation head Saigol praised LCCI’s efforts for economic revival of the country and for working as the biggest platform for the business community.
Published in The Express Tribune, October 28th, 2017.