Plastics is one of the major industrial sectors in Bangladesh which is making a significant contribution to the country’s economy. The plastics industry sees huge potential for sales growth in both local and global markets, attracting new investments even during epidemics.
Currently, there are 5,030 plastic factories in the country and 98% of them belong to the small and medium entrepreneurs, according to Bangladesh Investment Development Authority (BIDA). The domestic market size was over USD 2,500 million in 2017, while the direct export value of plastic goods was around USD 120 million in FY 2018-19.
Besides, currently, this sector contributes around 1% of the GDP and the industry provides around Tk.3, 500 crore in tax annually. Around 15 lakh people are involved in this sector.
According to the sector insiders, modern plastic products made in Bangladesh are of international standard. The use of plastic is increasing in Bangladesh in line with the international market.
Chowdhury Kamruzzaman Kamal, director (marketing) of Pran RFL Group, a big name in the plastics sector in the country, said, “The global experience suggests that the use of plastic products is increasing parallelly with the development of the country. The use of plastic in household products grew by 10% and in general products by more than 20%.”
Jasim Uddin, former president of BPGMEA, said, “We are not getting skilled manpower as there is no institution for human resource development in the plastic industry.”
The Government of Bangladesh has identified the plastics industry as an emerging sector and has been providing a good amount of policy support. Like- Tax-free raw material imports, Duty exemption on machinery imports, Cash Incentive etc.
The growth of the plastics industry is having a huge impact on other important sectors of the country’s economy, including readymade garments. For which the government of Bangladesh is giving high priority to the plastic industry of the country. A total of 2.44 billion has already been invested in the plastics sector.
According to the Bangladesh Plastic Goods Manufacturers and Export Association (BPGMEA), by 2030, Bangladesh will have a 3% share in the global plastic market.
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