Bangladesh has the potential to have a trillion-dollar economy by 2041 with the help of readymade garment, leather, and other industries, Syed Manzur Elahi, a leading entrepreneur in the footwear sector, said yesterday.

"To achieve the dream, cut down red tape and corruption," he said while delivering a speech at the 21st Bangladesh Business Awards at the Sheraton Dhaka.

DHL Express and The Daily Star organised the event to recognise outstanding businesses and entrepreneurs and their contribution to the economic development of the country.

He said the leather sector is labour intensive and the demand for leather goods is expanding.

Companies from the western countries are coming to Bangladesh to meet their leather demand, said Manzur, chairman of Apex Footwear Ltd, the largest footwear exporter.

This sector has huge potential. Now investment is necessary, including foreign direct investment, he said.

Manzur was awarded Lifetime Achievement Award yesterday.

He made four recommendations to the young generation. "You must believe in yourself and should do what you want to do."

Manzur also asked them to remain focused on the things they want to do, ensure quality, and always be a good friend to the banks.

"Your bank is your best friend. Banks also want good clients. So, you should always keep your promises."