Plastic Industry Policy Targets Expanding Domestic Market

Yeakin Polymer Limited, a publicly listed polysack manufacturer in Bangladesh, has faced delays in completing the sale of sponsor-director shares to Kapita Packaging Solutions Limited, even though regulatory approval was granted 16 months ago. The Bangladesh Securities and Exchange Commission (BSEC) had approved the transfer of ownership in May 2022, but the approval

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.

FM Plastic Industries PLC has withdrawn its application for a qualified investor offer (QIO) to go public in response to the current economic crisis. The company initially sought to raise Tk 5 crore for business expansion through a QIO. It intended to issue 50 lakh shares at Tk 10 each to eligible investors under the BSEC (Qualified Investor Offer by Small Capital Companies) Rules, 2018.

Subsidiary of Akij Group, Akij Plastics Limited, hosted a distributors' conference in Nepal, uniting over 700 attendees, among them 500 distributors and sales experts. The occasion underscored the rising global demand for Akij Plastics' offerings, with intentions to attain a $10 million export milestone in the US and European markets within the 2023-24 fiscal year.

Bangladesh's target investment-GDP ratio of 27.35% by fiscal year 2024-25 hinges on the pivotal growth of the light engineering sector. Presently contributing around 3% to the GDP and generating Tk 20,000 crore in annual revenues, this sector is advancing by 10% annually. Over 16 lakh people are employed within it.

Bangladesh witnessed a decline in capital machinery and intermediate goods imports during the last fiscal year, reflecting a slowdown in both private investment and the economy. The drop is attributed to a prolonged dollar crisis, elevated inflation impacting consumer purchasing power, and increased political uncertainty ahead of the upcoming parliamentary election.