Bangladesh’s plastic sector could earn $1bn by 2021 from export if the current growth trend continued, said a top industry leader.
“We have set a target to earn $1bn by 2021 by exporting plastic goods,” Md Jashim Uddin, president of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA), told Dhaka Tribune.
To reach the target, the sector has given importance on skill development and exploring new markets, he added.
According to him, the target is achievable if the country’s political situation remains congenial.
Plastic industry has so far suffered a loss of Tk10 crore during the present countrywide blockade called by BNP-led alliance, Jashim said.
He urged the government to develop infrastructure as it is needed to meet the necessity of the expansion of the industry.
BPGMEA chief predicted the growth of the plastic sector would continue to rise in both international and domestic markets as new household items were being added to the list on regular basis.
At present, Bangladesh’s demand for plastic goods is around Tk20,000 crore and the local manufacturers can meet 90% of the demand.
The industry has witnessed over 20% growth in last few years. The global market size of the plastic goods is $590bn and increasing at a rate of 17%.
As part of their efforts, the BPGMEA is going to organise a four-day exhibition of plastic goods from January 27 at Bangabandhu International Conference Center to attract international buyers.
“To draw the attention of the global buyers, we are going to organise a four-day fair to display new products and give local manufacturers an introduction to the latest technology,” said Jashim.
He said the event would help small manufacturers to be familiar with the latest technology in the sector.
The plastic goods manufacturers will participate in the fair with 350 stalls and display their goods like household items, packaging materials, moulds, toys, pharmaceutical industry items, furniture, melamine goods, garments accessories items and polypropylene (PP) woven bag.
According to Export Promotion Bureau (EPB), the county’s plastic export earnings have seen a 40% rise to $54 m in the first half of the current fiscal year compared to same period of last fiscal year. Bangladesh earned $85.7m exporting plastic goods in the last financial year, up from $84.5m in the previous year.
For the July-December period of 2015, the target was set to export $42.40m, but the export was 26.5% higher than the target. The government targets to earn $90.22m from plastic goods export this fiscal.
During the period, PVC bags export registered a marginal gain of 0.434%, standing at $19m while plastic wastes export went up by 34% to $19m.
According to a report of the Economic and Social Commission for Asia and the Pacific (ESCAP) of the United Nations, Bangladesh has the opportunity to become a global player in plastic industry by raising its turnover to $2bn by 2015 and $4bn by 2020.
