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Plastic Industry Policy Targets Expanding Domestic Market

Industry: Chemical & Engineering, Plastics

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.

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