Potential for export diversification exists in the plastics industry: Titu

DE Online Desk
State Minister of Commerce Ahsanul Islam Titu stated that by encouraging new business ventures, the plastics sector may play a significant role in export diversification, and the ministry will support this by providing policies.
At the 16th Bangladesh International Plastic, Packaging and Printing Industrial Fair’s opening ceremony on Wednesday, Titu gave the speech. The event was hosted by the Bangladesh Plastic Goods Manufacturers & Exporters Association (BPGMEA) at the International Convention City Bashundhara in Dhaka.
A total of 654 local and foreign firms, producing and supplying machines, moulds, raw materials for the country’s plastic sector, are participating in the four-day 16th International Plastic Fair with 800 stalls.
Of the participating companies, 600 are from countries such as India, China, Germany, Hong Kong, Japan, Malaysia, Singapore, UAE, Taiwan, and Thailand. Meanwhile, the rest of the 54 companies are from Bangladesh. The fair will run from January 24 to January 27.
Addressing the ceremony, Ahsanul Islam Titu said, “Bangladesh plastic industry is directly and indirectly contributing to exports. According to EPB, Bangladesh ranks 12th in terms of single largest export and 6th largest industry in combined export.
“We, the commerce ministry’s, task is to provide policy support, and we will provide it. Our exports are now diversifying from RMG to new industries such as plastic, light engineering, and leather. It is possible to export $100 billion with existing infrastructure.”
“Plastic industry should be moving forward and finding new markets. India’s seven sisters can be a good market. I hope that new entrepreneurs will come and flourish the potentiality of this sector,” he added.
Shamim Ahmed, president of BPGMEA, said in his welcome speech, “This kind of fair is a perfect place where local manufacturers can introduce international update technologies.”
“Plastic industry is growing very fast. According to the Export Promotion Bureau (EPB), Bangladesh exported plastic products worth $209.86 million in FY23, and it can be $1 billion if we receive support from the government.”
He added, “Bangladesh’s per capita plastic consumption grew from 5.56 kg to 17.24 kg between 2005 and 2017, but it is still below the global average of 80 kg per person. We need more investment in waste management and awareness is must as well.”
Emphasising on export diversification, Senior Commerce Secretary Tapan Kanti Ghosh said, “If we want to develop quickly, we need to diversify exports. When we can manufacture different types of products, we can make free trade agreements with different countries.
“One hundred per cent value addition should increase competitiveness in all cases. Foreign investments will rise along with domestic ones. Entrepreneurs need more support. In addition to quality assurance, labour rights, environment and other issues must be taken care of.”
Industry Minister Nurul Majid Mahmud Humayun said, “Current and future work should be done within the target limit and time. Hopefully the country will get the opportunities during this government.”
Bangladeshi plastic products have been exported to 23 countries, including the USA, the UK, France, Germany, Poland, Spain, and Canada.
Various items such as decorative pieces for the home, car parts, medical equipment, and other export industry-related products are all made from plastics.
Yorkers Trade and Marketing Service Co Ltd President Judy Wang, World Bank Group private sector specialist Hosna Ferdous Sumi, Federation of Bangladesh Chambers of Commerce and Industries senior vice-president Md Amin Helaly, Export Competitiveness for Jobs Project Director Md Monsurul Alam, were also present at the inauguration ceremony.