Furniture Industry in Bangladesh

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1.0 THE INITIATIVE FOR THE STUDY
This term paper fulfills the requirements of the specific grounds and objectives. The report is organized through the study of secondary sources of information. We have tried to put the concrete information aside from the limitations we have faced in preparing the paper. 1.1The Grounds of Approval and Submittal

The report was assigned to us by our honorable course instructor Mr. Gazi Salah Uddin as a requisite of the International Business (ITB301) course to assess our report writing skills and as well as our understanding of the International Business aspects in terms of export orientation of a Bangladesh industry in practical viewpoint. 1.2Objective of the Report

In every study there should be organized and specific purposes and objectives. A careful statement and purpose helps in the preparation of a well decorated report on which others can take right type of decisions. The broad objectives of the study are as follows:

To achieve the difference between theoretical and practical knowledge. •Finding out the strategies and structure of this industry for expansion in global market. • Investigation of local furniture industry of Bangladesh. •Learn about the local and foreign demand for this industry. •Have an overall picture of the foreign market for Bangladesh furniture industry. •Finding out the presence and strength of major exporters and rivals for the industry. •Have a clear idea about the export potentiality of this industry in terms of political, economical and cultural viewpoint. 1.3 Collection and Organization of Information from Interview and Internet The data used in this report were collected from primary as well as secondary sources. Primary sources include a formal interview with a HR manager of HSBC Bank Limited. Secondary sources include the official web site of HSBC and other publications on HSBC.

The report was prepared through some sequential steps. It was compiled into the following steps- i.In the first step, we took the guidance and instructions from our honorable instructor through formal materials and meetings for preparing the paper. ii.Then we prepared a list of required data and information and prepared the structure for the paper. iii.The information available on the internet was downloaded and analyzed thoroughly. iv.Information was also taken from some text books, reports and newspapers. v.After acquiring the data, entire work was allocated among the group members equally. vi.Drafts of the report parts were prepared and mistakes were corrected through modification after consulting with course instructor. vii.Finally, we have completed our paper by arranging the total work with proper care and caution. 1.4 The Inadequacies We Faced

The limitations of the report are as follows:
At first we faced the problem of finding the source of information. •Limited accessibility to data due to confidentiality reasons. •Some concrete information was not provided.
Less export related data of Bangladesh furniture industry in the website or in other sources. •Finally, we admit our inexperience and less understanding in International Business knowledge.
2.0 INTRODUCTION
The Bangladesh furniture industry is one of the most promising growth sectors with high export potential. According to a Household Income and Expenditure Survey of 2005, the domestic consumption growth rate is around 20% and export markets are almost entirely untapped. There are approximately 40,000 furniture SMEs all over the country, employing around 180,000 people, turnover is in excess of BDT 100b (GBP 1b). Furniture industry that has made a significant development as a sector by creating local market of about Tk. 400 crore faces snail space in expanding its markets further due to lack of government support following no entry in the Industry Policy. The self-made sector has been recognized as handicraft in the Export Promotion Bureau. But neither the...
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