Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) has demanded reconsidering the decision regarding the change in the rate of cash incentives for the industry. In a statement, BPGMEA president Shamim Ahmed said the change in the rate of cash incentives is not helpful and timely for the industry. “Rather, it will bring unintended risks and disasters to other industries including the plastics sector", he added. He also demanded change of the decision on an urgent basis before having a major negative impact on exports and maintaining 10 percent cash support against the export of plastic products until 2026. ABB leaders congratulate NBR Chairman on reappointment The statement came against the backdrop reduction of cash incentives for the plastic sector from 10 percent to 8 percent through Bangladesh Bank's FE circular number-02 dated January 30. It said that the plastic sector is an emerging and promising sector. It is diversifying export products according to the needs of foreign buyers and earning foreign exchange by exporting 150 varieties of plastic products to about 126 countries using modern technology. Direct exports in FY 2022-2023 amount to USD 209.86 million. As a backward linkage industry exports to the country's largest export sector garments and other industries, earns about US$ 950 million. That is, the export volume (Direct and Deemed) is above 1.2 billion US dollars. Some 1.5 million people are employed here in which 30 percent of them are women. It has been growing at a rate of 20 percent for the past two decades. The position of the plastic sector in exports is 12th. Brac Bank leads CMSME Cluster Financing Workshop in Laxmipur to fuel growth The current government has also included the plastic sector as a priority sector in the Import and Export Policy-2024. The circular does not mention the introduction of alternative incentives in the duty-compliant system post-LDC transition, the statement said. However, many middle-income countries have been providing alternative incentives rather than direct incentives for their industries. The issue of providing alternative incentives has come up in various government and private studies of the country. "We do not think that sudden reduction of the existing system, without an alternative system, is a helpful step for industry and economy", Shamim said. On the other hand, he said, while the incentive package is being cut, competing countries are increasing support for their industries such as Export development fund in India, Vietnam Trade Policy and Promotion Project, and even in rich countries like the USA, cotton cultivation is subsidized to encourage export trade. Bangladesh will face the challenge of double transformation after 2029. BAT Bangladesh secures 'Top Employer' award for fifth time At such a time, as long as the LDCs were enjoying benefits as per the provisions, it would have been more reasonable to extend other facilities, including cash incentives through which the industry could be sustained, BPGMEA president Shamim said. In the past two years, due to various reasons including the Covid-19 epidemic, Ukraine-Russia war, Palestine-Israel war, economic instability and deadlock have been created in Bangladesh, like the whole world, he added.

Speakers at a seminar on green growth in packaging and plastic industries on Saturday urged the stakeholders to foster dialogue and collaboration on critical aspects of transitioning towards a circular economy, where waste is minimised, and resources are reused and recycled. The Bangladesh Printing and Packaging Manufacturers and Exporters Association (BPGMEA) and Green Tech Foundation Bangladesh organised the seminar titled "Green Growth: Exploring Investment Avenues in Sustainable Printing, Packaging, and Plastic Industries for the Circular Economy in Bangladesh" at the International Convention City Bashundhara (ICCB), Dhaka, on Friday. The event brought together industry experts, policymakers, financial institutions, and development organisations to deliberate on the potential for green investments in the plastic, packaging, and printing sectors in Bangladesh. Be tough on dishonest traders but incentivise the honest: Finance minister asks NBR   Shamim Ahmed, President of BPGMEA, delivered the welcome speech, setting the tone for the insightful discussions that followed. Mohammad Sayeedur Rahman, management counsellor, at the Bangladesh Institute of Management (BIM), provided a comprehensive keynote, offering insightful perspectives on green growth and the circular economy in Bangladesh. Michael Klode, Project Manager, GIZ Bangladesh, shared expertise on sustainable plastics and waste management. Serve people by keeping prices of commodities at tolerable level: Food Minister   Sattya Ranjan Bhattacharjee, NPC, UNIDO, discussed policy frameworks and best practices for sustainable plastic use and marine litter prevention in Bangladesh. Khondkar Morshed Millat, Former Director Sustainable Finance, Bangladesh Bank, and Advisor of GreenTech Foundation Bangladesh, highlighted financing mechanisms for green projects. Douwe Dijkstra, Country Director Cordaid, Bangladesh, shed light on the role of NGOs in plastic waste management and the circular economy. Md. Houmyoun Kabir Khan, Director, Strategic Investment Unit, BIDA, illuminated investment opportunities in the sector. Special guests included Edwin KOEKKOEK, Team Leader - Green Inclusive Development & Social Protection, Delegation of the European Union to Bangladesh, who shared international perspectives. Bangladesh needs to introduce social insurance for all, not social safety net: CPD   Dr. Lutfor Rahman, Founder & Executive Director of GreenTech Foundation Bangladesh, expertly moderated the discussion with his thought leadership. This seminar provided a unique opportunity for participants to gain knowledge, network with key stakeholders, and contribute to shaping Bangladesh's future in the printing, packaging, and plastics sector through sustainable development practices. The event reflects a collective commitment to fostering a green and circular economy in the country.

Plastic sector entrepreneurs demanded a harassment-free business environment in the country caused of the visit of the government agencies. They made the call at the first meeting of the FBCCI standing committee on Plastic, Rubber, Melamine and PVC Products held at FBCCI head office on Monday, said a media release. In the meeting, businesses said, government agencies have not been renewing licenses of plastic products manufacturing factories since the fire incidents at Churihatta in the capital. As the factories are losing their legal validity, government organisations impose fines and sometimes even sue cases against the factory owners. Therefore, many small and medium industries have been shut off, the businessmen alleged. Speaking as the chief guest, FBCCI Senior Vice President Mostofa Azad Chowdhury Babu said, the plastic industry contributes to employment, export earnings and industry decentralization across the country. Mentioning the prediction of the global recession in 2023, he stressed expanding the export base to deal with the crisis. Read: FBCCI keen to enhance trade ties with Brazil; two MoUs signed FBCCI Vice President Md Amin Helaly said that FBCCI is planning to arrange three fairs in Kolkata, Guwahati and Tripura to showcase Bangladeshi products. He suggested exhibiting the plastic products at those fairs. Bangladeshi plastic products have great demand in seven sisters of India.     The director in-charge of the committee Abu Motaleb said conspiracy is still going on against the plastic sector. The committee will work on solving tax and environmental problems, he informed. He called for eco-friendly products as well. Committee Chairman and President of BPGMEA Shamim Ahmed informed that waste management is the biggest challenge for the plastic sector. Bangladesh will be able to utilize the huge potential in this sector if the challenge is properly dealt with. The BPGMEA President called for considering the deemed earnings as export to this sector. FBCCI Director Priti Chakraborty urged the government to provide proper policy support in grooming this sector while director Hafez Harun demanded an end to harassment of the small and medium entrepreneurs in the plastic industry in the name of inspection. Director Mohammed Bazlur Rahman called for working together to overcome the problems in the plastic sector. Committee co-chairmen Md Shafiqul Islam (Mintu), Md Abul Khair and Nazmul Hossain, FBCCI Adviser Manzur Ahmed and other members of the committee, among others, were present at the meeting.

The leading exhibitors from 19 countries are displaying their innovative, efficient and cost-effective products at the four-day virtual International Plastics, Printing & Packaging Industry Fair (IPF). Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) and Yorkers Trade & Marketing Service Co are hosting the four-day fair that began on Monday (July 5, 2021). Also read: Bangladesh booth steals limelight at Seoul Int'l Tourism Fair 2021 The expo titled ‘IPF Online Expo’ will end on July 8 with an event on the sidelines titled ‘Export-led Plastic Sector Development Policy: Opportunities and Challenges.” BPGMEA President Shamim Ahmed, its adviser Manzur Ahmed, former senior secretary Shubhashish Bose, BPGMEA Vice President KM Iqbal Hossain, Managing Director of Luna Plastic Ind Ltd ASM Kamal Uddin and former BPGMEA President Ferdous Wahed will speak at the event. Also read: Virtual IPF, DTG trade exhibitions in July, August The organizers said the online expo is a good way for staying in touch with customers and partners worldwide, presenting products and innovations, networking from knowledge-sharing activities, and an important format for getting access to new contacts.

Local manufacturers of plastic products have placed a 4-point list of demands including withdrawal of value added tax (VAT) on their purchase of raw materials to facilitate their business in the country.  Addressing a press conference, leaders of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) said the local plastic goods producers collect the used plastics from local sources as raw materials to manufacture their finished products which are used by people from all strata in rural and urban areas.  “But the VAT waiver was withdrawn in the 2017-18 financial year from the plastics goods which are mainly used as crockeries items by the poor and low income people. So, we demand the withdrawal of VAT for next five years to reduce the product cost,” said Shamim Ahmed, president of the BPGMEA, at the press conference at the organisation's office in the city on Monday. He also sought withdrawal of 15 percent VAT from locally made plastic toys, provision for tax holidays, reducing the source tax to 0.25 percent and fixing corporate tax at 10 percent for all business sectors. The BPGMEA also demanded raising the upper-limit of tax-free turnover to Tk 5 crore from the existing Tk 1.5 crore along with reducing the tax regime to 3 percent from existing 4 percent, and giving waiver to 3 percent advance income tax considering the Covid-19 situation.  Shamim Ahmed urged the government to allocate funds for plastic garbage recycling management saying that the country now produces 400 million metric tons of plastic goods which will reach 800 million metric tons by 2025.  “But there is no substantive initiative for management of the recycling of used plastic goods. It’s so important from a health safety point of view”, he said. The BPGMEA leaders appreciated the government for taking measures in favor of business community to promote trade and business across the country. Other leaders of the BPGMEA including vice president KM Iqbal Hossain, Kazi Anwarul Haque, former vice president ASM Kamal Uddin, Ferdows Wahid and Mosaddequr Rahman Nannu.