The Bangladeshi plastic sector is booming, exceeding its annual export target and eyeing new markets with diverse product lines.
However, industry leader Shamim Ahmed, president of the Bangladesh Plastic Goods Manufacturers and Exporters Association, lamented the lack of government support akin to that enjoyed by the garment sector.
At a press conference on Monday ahead of a four-day International Plastic Fair (IPF), he also talked about showcasing the industry's potential and attracting more investment.
The fair, jointly organised by Bangladesh Plastic Goods Manufacturers and Exporters Association and Yorkers Trade and Marketing Service Co Ltd, will be inaugurated by Industries Minister Nurul Majid Mahmud Humayun in the city tomorrow (Wednesday).
Industry people at the press conference said plastic products currently rank 12th in Bangladeshi exports, but they jump to 6th if "deemed exports" (including garment accessories) are considered.
According to the association, the local plastic sector witnesses a 20 per cent annual growth rate.
They pointed out that Bangladeshi plastic offerings extend beyond just packaging, encompassing PP ovens, toys, crockery, furniture and even recycled raw materials, all with significant export potential.
Toy exports have already begun to various countries, showcasing the industry's diversification, they added.
The International Plastic Fair serves as a key platform for expanding investments, market reach and both national and global exports, while also promoting responsible plastic use.
"We anticipate this year's fair to be brimming with excitement, new product launches and cutting-edge technology," Shamim Ahmed noted.
Representatives from around 20 countries are going to participate in this fair. These countries include China, Taiwan, India, Bangladesh, Pakistan, Vietnam, Indonesia, South Korea, UK, USA, Egypt, Hong Kong, Italy, Japan, Thailand, Malaysia, Austria, Singapore, Turkey, and the UAE.
As many as 800 stalls of 600 foreign companies and 161 stalls of 54 domestic companies will participate in the IPF-24 fair.
Some 750 stalls were in the IPF-2023, where the number of visitors was 370,000.
A total of 15 types of industries, including plastic household items, crockery, packaging materials, plastic mould, toys items, pharmaceuticals items, plastic furniture, melamine items, garments accessories, PP Woven bags, automobiles, and electric and electronic goods, will take part in the fair.
The event will feature four seminars on different topics such as skill development, SME development, green growth, and Sustainable Development Goals.
Export Promotion Bureau data showed the export earnings from plastic products stood at $ 209.86 million, against the target of $200.00 million in the financial year FY2022-23, while in the FY 2021-2022 the amount was $166.25 million.
The Financial Express is the media partner of the IPF-2024 along with three other media outlets.
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