Speakers at a seminar on the plastic toy industry urged the government to provide strong policy support to the sector, as it has the potential to earn huge amounts in exports for the country's foreign exchange reserves.
“Toy exports witnessed a cumulative average growth rate of 24 percent”, said Ferdous Ara Begum, CEO of BUILD, a research organization, in a keynote paper presented at the seminar titled: "Plastic Toy Industries of Bangladesh-A Potential Sector for Export Diversification" on Tuesday.
Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) jointly with EC4J (World Bank Project), and the Ministry of Commerce organized the Seminar at the CIRDAP Auditorium in the city.
Ferdous Ara said the total plastic export of the country is $128.77 million in 202l-22 (July-April), and toy exports was $37.10 million, or about 29 percent of total plastic export.
She mentioned that the 12 months average export will be $155 million and $44 million respectively for plastic and toys, while the average growth rate is 22 percent during 2021-22.
With Mansurul Alam, Project Director (Additional Secretary) EC4J of the Ministry of Commerce in the chair, the seminar was addressed by Tapan Kanti Ghosh, senior Secretary of Ministry of Commerce, FBCCI president Md. Jashim Uddin, and BPGMEA President Mr. Shamim Ahmed.
It was informed in the seminar that there are some 5,030 plastics companies in the country, of which 98 percent are small and medium industries (SMEs) while about 1.5 million workers are involved in the sector.
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The speakers said the use of plastic and plastic products is increasing day by day. Exports increased by 15% in 2020-21. The sector's exports now stand at $1 billion.
They said the plastic toy sector could play a big role as a non-traditional export sector. Toys are used to entertain children of different ages.
The demand is increasing day by day. Bangladeshi toys have already set foot in Europe and North America, they observed.
BPGMEA President. Shamim Ahmed said the toys industry started its journey in 1998, almost 24 years ago today. In 1996, only 6 toy product patents were registered. Now the government receives huge revenues from the sector while it employs more than one and a half of manpower.
He said, at present 10 percent of toys are imported while 90 percent are made in the country. "The price of imported toys is much lower than exported ones," he added.
FBCCI President Md. Jashim Uddin said that 'toys' is a sub-sector of the plastics sector. The development of this sub-sector is accelerating. The use of toys has increased in the country. If the sector receives government support, it has huge potential to grow the export market, he said.
Tapan Kanti Ghosh said the plastic toy industry is expanding rapidly and at the same time increasing its investment in the country.
He said that all possible assistance would be provided by the government to enrich the sector as a driving force of export. He urged the plastic industry owners to modernize the industries and make them suitable for international trade.