Plastic manufacturers want reduction of import duty on raw materials
Representational image BSS, Dhaka BSS, Dhaka
The leaders of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) today demanded that the government reduce the existing import duty on raw materials of plastic products to five percent from the existing 10 percent.
BPGMEA president Md Jashim Uddin made the demand at a pre-budget meeting with the National Board of Revenue (NBR) for the next fiscal year held at the NBR conference room in the city s Sher-e-Bangla Nagar.
NBR Chairman Abu Hena Md Rahmatul Muneem chaired the meeting.
Seeking protective measures for local industries, Jashim said the demand of various plastic goods like pipes, doors, chairs, tables are on the rise both at home and abroad while a huge scope for exports would be created if the production cost could be reduced.
Tipu for seizing opportunity of grabbing plastic goods market
BSS
23rd January, 2021 07:38:25
Commerce Minister Tipu Munshi urged on Saturday the local entrepreneurs of plastic goods to seize the opportunities of grabbing the local and global market by ensuring quality of products.
“Plastic industry is a potential sector in Bangladesh. There is a huge market of plastic products across the globe. We’ll have to grab that market through ensuring quality of products, design and skills. The demand of plastic products is increasing day by day and we’ll have to seize this opportunity,” he said.
The commerce minister was addressing a function marking the inauguration of the new campus of the Bangladesh Institute of Plastic Engineering and Technology (BIPET) at the Pangaon Container Port Road in Dakshin Keraniganj, said a ministry press release.
Trade agreement with Nepal soon: minister Star Business Report Star Business Report
The government will sign a preferential trade agreement (PTA) with Nepal within a short time in order to improve bilateral trade, said Commerce Minister Tipu Munshi yesterday. Discussion is underway with more countries regarding the signing of trade agreements. This will be beneficial for us in the long term although it may not appear advantageous for the time being, he said.
Munishi shared the info at the inauguration of the campus of Bangladesh Institute of Plastic Engineering and Technology in Dhaka s Keraniganj, according to a press release.
The event was jointly organised by the institute and Bangladesh Plastic Goods Manufacturers and Exporters Association. The development came more than a month after Bangladesh inked a PTA with Bhutan to safeguard the trade benefit after graduation from the least developed country status in 2024.
Plastic makers were hard-pressed but now expect a comeback
The outbreak of Covid-19 and the subsequent lockdown put the plastic industry in Bangladesh into serious trouble in the first three months of the crisis.
The industry began recovering after the reopening of the economy from June. Yet, it will not post positive growth in 2020 as the demand in both local and global markets remained weak for most of the year.
Overall, the domestic sales of the industry may decline to Tk 22,000 crore this year, said industry operators. Plastic manufacturers faced difficulties at home and abroad this year due to the pandemic as local demand declined along with exports, said KM Iqbal Hossain, vice-president of the Bangladesh Plastic Goods Manufacturers & Exporters Association (BPGMEA).