Dhaka, Bangladesh (CU)_ According to seminar speakers, the plastic toy sector might play a crucial role in enhancing Bangladesh’s export portfolio, since exports are projected to reach $466.31 million by 2030 if the present yearly growth trend of 24 percent continues at a steady rate. The seminar, themed “Plastic Toy Industries of Bangladesh: A Potential Sector for Export Diversification,” was co-hosted by the Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) and Export Competitiveness for Jobs (EC4J), which is a World Bank Group-funded project of the commerce ministry.
According to Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry, “With this growth rate, Bangladesh could become the 28th largest toy exporter in the world that year”. However, to reach this milestone, local producers must take the required initiatives to increase the production of world-class products and explore new markets. He added, “So, we are always working for the development of this sector. For example, efforts are being made to reduce the import duty on raw materials”.
The Centre for Integrated Rural Development for Asia and the Pacific (CIRDAP) auditorium in Dhaka hosted an event designed to highlight the progress made in the local production of plastic toys. At present, Spain is Bangladesh’s largest export market for plastic toys, followed by Italy and France in second place. During the July-April period of the current financial year, exports of plastic items reached $128.77 million, with toys contributing around $37.10 million or 29 percent of the total revenue.
According to Ferdous Ara Begum, CEO of Business Initiative Leading Development, the toy subsector of the plastics industry might contribute to the economy as well as play a significant role in expanding non-traditional exports. She added, “Bangladeshi toys have already set foot in Europe and North America”. Shamim Ahmed, the president of the BPGMEA, requested government support for modernizing the toy sector. He added that the labor-intensive business generates more employment opportunities and will certainly play a major role in the country’s exports in the future. Ten years ago, Bangladesh imported 90% of its toys from other nations, but today, just 10% are being imported.
