Higher VAT collection indicates 50% more sales at this year's DITF: Adviser Bashir
51 companies awarded for outstanding stalls
Although complete data is not yet available, sales at this year's Dhaka International Trade Fair were likely 50% higher than last year, Commerce Adviser Sk Bashir Uddin said at the month-long event's closing day on Friday (31 January).
"I do not have the exact figures at this moment, but VAT collection has increased by 50% compared to last year. If we take this as a reference, it can be assumed that trade fair sales have also risen by 50%," the adviser told the media after the closing ceremony.
This year's VAT collection from the sales at the fair amounted to Tk3.5 crore, said the adviser. The previous edition of the fair last year recorded sales of nearly Tk400 crore, while export orders worth $3.56 million (Tk392 crore) were secured.
Regarding export orders this year, Bashir Uddin said, "I don't think there has been a significant volume of export orders. However, we introduced a sourcing corner for the first time. The purpose was to understand which products have demand in foreign markets and to facilitate connections between local businesses and international buyers."
Keep updated, follow The Business Standard's Google news channel
The adviser also expressed disappointment over the low participation of foreign companies, explaining that participating in a month-long fair is not easy for foreign companies.
"Moreover, in Bangladesh, specialised fairs for industries like garments and others already exist, which attract a larger number of international buyers and sellers. A month-long event like this is costly for foreign companies, and as a result, they are not very motivated to participate," he added.
Emphasizing the need for increased foreign investment, adviser Bashir Uddin said, "We must adopt a liberal import policy while also focusing on enhancing local production capacity. Incentives for imports are not feasible, so businesses must work on reducing costs and increasing efficiency to remain competitive in the global market."
As part of the closing ceremony, 51 participating companies were awarded for their outstanding stalls and pavilions.
The 29th edition of the trade fair kicked off on 1 January at the Bangladesh-China Friendship Exhibition Center in Purbachal. The event concluded on Friday, with a large number of visitors flocking to the venue on the final day. The Dhaka International Trade Fair was first launched in 1995.
51 participants awarded
On the final day of the fair, visitor turnout was overwhelming, with many stalls, mini pavilions, and exhibition areas witnessing a surge in last-minute sales. According to vendors, overall sales increased by 20%-40% compared to previous years, boosted by discounts and promotional offers.
This year's fair featured three unique stalls dedicated to commemorating the sacrifices in the July-August uprising. Besides, special features such as a senior citizens corner, sourcing zone, women entrepreneurs' corner, and children's park added to the fair.
This year, 343 local and international companies participated in the fair, up from 304 last year. Exhibitors included companies from India, Pakistan, Turkey, Singapore, Indonesia, Hong Kong, and Malaysia, marking an increase in international participation compared to the previous edition, which had only one foreign company.
A wide range of products, including textiles, furniture, electronics, jute products, leather goods, machinery, cosmetics, household items, toys, stationery, kitchenware, plastics, melamine, herbal products, jewelry, processed foods, and handicrafts, were showcased at the event.
