It is certainly encouraging to learn of Bangladesh’s surge in the export of plastic products, growing 17% year-on-year to $162 million in the first eight months of the current fiscal year. This growth is indeed promising and could be yet another industry that, with the right policies driving it, could help sustain and further expand it.
To this end, it would be wise to heed the words of Shamim Ahmed, president of the Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) who opined that exports would see further growth if the government were to assist local companies in exploring new markets through its missions abroad.
In addition, while the competitive prices is indeed the reason why our plastic products have a market, to continue to compete in the global market, Bangladesh must invest in research and development to improve the quality of its plastic products and explore new materials and manufacturing techniques. Not only does this improve the future competitiveness but, more importantly, it brings new export opportunities in a more high-value segment of the market.
There is also a need for stricter enforcement of existing regulations and ensuring that there are no malpractices that undermine competition within the domestic companies. Too often, we have seen certain companies, as a result of having the right connections, evade due diligence and engage in anti-competitive practices, which eventually drags the entire industry down.
Bangladesh has stressed on building a circular economy, and thus needs to focus on building a sustainable supply chain for its plastic industry. By doing so, Bangladesh can not only reduce its environmental impact but also create new business opportunities.
While Bangladesh's plastic export industry shows great potential, it is only the beginning. If there is any chance for it to become a sustainable and viable export industry that can meaningfully contribute to our economy, then it has some ways to go.
