Bangladesh Plastic Industry Aiming for $17B in Exports by 2030
- 25-Jan-2023 3:37 PM
- Journalist: Kim Chul Son
Bangladesh: Plastic manufacturers in Bangladesh have set a bold goal of gaining a 3% share of the global plastic market which is estimated to be worth $570 billion by 2030. Last year, exports of plastic items from Bangladesh stood at about $1.1 billion and the aim for this year is to surpass the benchmark of $17 billion.
"We have designed a roadmap to increase our share to 3% from the existing below 1% in the international market by 2030," at the Bangladesh Plastic Goods Manufacturers and Exporters Association in the capital on Tuesday, President Shamim Ahmed addressed a press conference.
"To make this happen, we need a 10-year tax holiday and other policy support from the government. We also need an uninterrupted power supply to our industries," he proposed the removal of value-added tax on plastic toys and crockeries.
Hamim Ahmed called on the government to expedite completion of the proposed plastic industrial park. He also highlighted the handover of 90 acres of land at the Bscic Chemical Village and 10 acres under the Export Competitiveness for Jobs project to create distinct plastic zones.
"The plastic sector has huge potential in export. We are currently shipping products to 126 countries," he announced that the 15th International Plastic Fair will be held on 22 February at International Convention City Bashundhara in the capital.
Last year, more than 5,000 plastic factories employing 12 lakh people directly and indirectly contributed goods worth Tk 40,000 crore to the economy - netting the government an income of Tk 3,500 crore. To help reach the country's new export targets and protect the environment, the president has implored everyone to embrace a culture of recycling plastic products.
Over 300 businesses from 21 countries, including China, India, South Korea, the USA, France, Italy, and Japan are set to take part in a four-day fair organized by the Bangladesh Plastic Goods Manufacturers and Exporters Association as well as Yorkers Torkers and Marketing Company Limited. The exhibition in the capital will include 469 stalls displaying different products out of a total 760 available. Additionally, the event will showcase modern technology and machinery related to plastic industries that specialize in recycling. It is open from 22-25 February.