Finance News

Exports of plastic products will face challenges

If all goes well, Bangladesh will be included in the list of developing countries in 2026, out of the list of Least Developed Countries (LDCs). Then, like many other sectors, the export of plastic products will also face various challenges. In order to meet that challenge, it is necessary to simplify the tariff structure on raw material imports as well as take necessary policy assistance, formulate policies to encourage the use of bioplastic products and sign FTAs ​​with potential countries to increase exports.

This was stated by the traders in a webinar titled ‘Transition from Least Developed Countries – Sustainable Export Growth in the Future: Determining Strategies for Plastics Sector’ organized by Dhaka Chamber. Chief Secretary to the Prime Minister Ahmed Kaikaus was the chief guest at the online discussion held on Saturday.
“Our economic potential has increased,” said Ahmed Kaikaus. At the same time, the skills of our entrepreneurs are constantly increasing, ”he said, adding that a special task force could be formed with the participation of the private sector in the overall development of the country’s plastics sector besides addressing the LDC-North challenge. He also emphasized on the development of the sector, expansion of duty-free facilities, incentives, reduction of shipping charges on export products and signing of free trade agreements with potential countries.

Speaking on the occasion, Ahsan Khan Chowdhury, Chairman, Pran-RFL Group, said, “We have nothing to worry about in the transition from LDC. But we have to focus on increasing our capacity. At the same time, if the cost of production of the product is reduced, especially if shipping to European countries at low prices is possible, the export of plastic products will increase further. He also called for a bonded warehouse facility for the plastics industry.
Dhaka Chamber President Rizwan Rahman called upon the government to provide policy and incentive support in the plastics industry in the light of the model of success in the readymade garments sector. “The plastics sector contributes 33 percent to our GDP,” he said. About 1.5 million people have been employed in the country through this sector.