The Plastic Industry Development Policy 2023 aims to grow the plastics and packaging industry market from $4 billion to $10 billion by 2028. The policy, approved by the cabinet, focuses on skilled manpower development through the Bangladesh Institute of Plastic Engineering and Technology (BIPET) and provides demand-based training to 10,000 individuals by 2028. It also seeks to create 500,000 new jobs in the sector. The policy aims for 15% annual growth in the sector and increases its contribution to GDP by at least 2% by 2028. Currently, Bangladesh occupies only 0.6% of the global plastic product market, but it envisions a more prominent role. Tax incentives and duty-free imports for the sector are part of the policy, as well as the formation of the National Council on Plastics Industry Development (NCPID) to oversee implementation.
Plastic Industry Policy Targets Expanding Domestic Market
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