New Industry Policy Aims to Promote Circular Plastics Economy

SEATTLE (Scrap Monster): The recently declared Plastic Industry Development Policy 2023 by the Bangladesh government is expected to provide significant boost to domestic markets and promote a circular plastics economy in the country. The policy will be implemented for a period of five years.

The policy documents expects tremendous growth to the country’s plastic industry, surging higher from current levels of $4 billion to around $10 billion by 2028 and $20 billion by 2030.  It targets to offer demand-based training to around 10,000 people by 2028 so as to create skilled manpower. The policy document outlines roadmap to generate around 500,000 new employment opportunities in plastic sector by 2028.

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Currently, Bangladesh has not been able to fully explore its huge export potentials, mainly due to lack of adequate policy support. As per estimates, the country’s direct and indirect exports of plastic products are worth nearly $1.5 billion. The new policy aims 15% annual growth in the sector.

The implementation of the new policy will boost the contribution of the country’s plastic industry to its GDP by at least 2% by 2028. Furthermore, it will boost Bangladesh’s share in global plastic product market. It must be noted that the country’s plastic product market is presently worth around $4 billion.