It is encouraging to see that Bangladesh's plastic industry has emerged as a promising export sector, with plastic product exports witnessing an impressive growth of nearly 18% year-on-year during the July-April period of the current fiscal year(FY24). The hope now will be for this positive trend to continue, so that Bangladesh can slowly but surely have another export industry it can depend on.
Bangladesh's export earnings have continued to be dominated by the ready-made garment (RMG) sector, which accounts for over 80% of the country's total exports. While the RMG industry’s place as our primary export will remain, the rise of the plastic sector presents an opportunity to diversify the export basket and reduce over-dependence on a single product.
For years, experts and newspaper editorials alike have stressed on the need for diversification, which not only mitigates risks associated with market fluctuations but also brings to light Bangladesh's manufacturing prowess across various sectors. With plastic products continuing to be in demand globally, we can position ourselves as a reliable supplier.
With that said, Bangladesh’s commitment towards sustainable practices must also not take a back seat, and we would do well to embrace circular economy principles and invest in eco-friendly production methods, helping us position ourselves as a responsible and environmentally-conscious exporter. This opens up potential markets for eco-friendly plastic products.
It goes without saying that if we are to indeed sustain this momentum of this industry’s growth, we must continuously invest in research and development, adopt advanced technologies, and enhance product quality and design. Nurturing a conducive business environment and providing incentives for research and development are crucial for Bangladesh to further strengthen its competitive edge in the global plastic market.
