Bangladeshi plastic goods makers are shifting their focus from domestic markets to the global market, with a local market size of Tk28,000 crore. The Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) reports that Bangladeshi plastic companies aim to grab a sizeable share of the $560 billion global market after meeting local demands.
The BPGMEA President has set a $5 billion target for plastic goods exports by the next five years, aiming to improve the business environment. To boost plastic goods exports, entrepreneurs seek policy support from the government. Masterbatch, a vital ingredient for plastic-making goods, had to be imported in 2014 but is now being produced in Bangladesh. The country has 6,000 plastic industries, 80% of which are small and medium-sized factories. About 12 lakh people are employed in the sector.
Colorplus Masterbatch Manufacturing Co., a subsidiary of Plus Group, has invested Tk100 crore in their industry in a joint financial collaboration with China. Locally produced masterbatch is used in engineering plastic parts for TVs, fridges, AC, and electrical products, with a market worth Tk1,000 crore. Xclusive Can Limited manufactures various containers, but tax anomalies hinder export.
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