Industries Minister Nurul Majid Mahmud Humayun on Sunday said a separate cell would be set up in the ministry to work on the circular economy.

“The cell will work closely with government and non-government departments and organisations,” he said at a seminar on "Current Scenario of Circular Economy: Problems and Prospects" organized by FBCCI.

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He mentioned that recycling plays a pivotal role for the development of the circular economy.

The minister mentioned that the size of the informal recycling is huge,  giving them the status of industry would further facilitate the shift to a circular economy.

Speaking as the special guest, Environment, Forests and Climate Change Minister Md. Shahab Uddin Ahmed said that at present 40 per cent plastic is being recycled.

“The remaining 60 per cent will have to be brought under it,” he said.

Therefore, he said, his ministry has taken initiative to prepare a working paper on plastic management.

FBCCI President Md. Jashim Uddin put emphasis on development of a circular economy for achieving sustainable development.

He said that unplanned consumption of natural resources is increasing worldwide along with economic development, which results in climate change and global warming.

Therefore, he said, conservation of climate and biodiversity, prevention of waste and environmental pollution have become major challenges for the next generation.

“In such a situation, the development of a circular economy is very important,” he said.

The circular economic model combines production and consumption. The best use of resources can be ensured through waste management and recycling, which reduce carbon emissions and pollution.

“So the circular economy is an effective tool for achieving sustainable growth,” he said.

The FBCCI president said no one in the world now considers waste unnecessary. Waste of one industry is being considered as resources for another industry.

He mentioned that Bangladesh aims to achieve SDG by 2030, become an upper middle-income country by 2031 and a developed country by 2041.

“Achieving these goals requires ensuring sustainable use of resources. And that is why the development of a circular economy is very important.”

In this connection, he said that the country has opportunities to include construction industry, textile, motor vehicle, logistics, agriculture, furniture, oil and gas, renewable energy sectors in the circular economy.

The annual per capita plastic consumption in Bangladesh is only 7 to 8 kg. In the United States, the amount is 130 kg. The country is turning plastic waste into a resource through recycling, he added.

The FBCCI Chief said that the countries of the European Union are in the forefront in implementing the circular economy. The European Commission has already drawn up a circular economy action plan.

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“China, Brazil, Canada, the United States and Japan are also working to shift their economies to a circular economy. Bangladesh needs to take the same initiative,” he said.

But for that, Jashim said, the waste has to be segregated first at their source. But there is no dumping zone in Bangladesh where waste can be segregated.

Dr. Mohammad Sujauddin, Assistant Professor of North South University presented the keynote at the seminar.

The keynote identifies huge potential for a circular economy in Bangladesh. A large amount of waste is collected and recycled informally in the country and the trend is upward.

The formal recognition of this sector, the development of the country's circular economy will be more dynamic.

During the panel discussion, Eun Joo Allison Yi, Senior Environmental Specialist of the World Bank, said that the growth of Bangladesh in the last 10 years is incredible.

“But now is the time to decide whether to move towards eco-friendly growth. Because the depletion of resources will not only jeopardize our health risks or growth, but also put our future at extreme risk,” he said.

For sustainable growth, he said, the government needs to invest more in building the capacity and awareness of government agencies, said Eun Joo Allison Yi.

Prof Mohammad Mosharraf Hossain of Chittagong University, Prof. Dr. Mizan R. Khan, Deputy Director of International Centre for Climate Change and Development and Prof Dr. AK Enamul Haque, FBCCI panel advisor and East West University also participated in the panel discussion.

They said a close relationship among academia, industry and regulators was needed for proper implementation of the circular economy.

FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Amin Helaly, Md. Habib Ullah Dawn and other directors were present.

FBCCI Secretary General Mohammad Mahfuzul Hoque moderated the seminar.