Experts said appropriate policy support can boost the country’s plastic toy industry and help boost export earnings.
“The plastic toy industry can play an important role as a non-traditional export industry, which requires similar policy support as the apparel industry. Corporate tax for all export industries must be the same,” said Ferdaus Ara Begum, Managing Director of Business Initiative Leading Development (BUILD), in the keynote address of a seminar titled “Plastic Toy Industries of Bangladesh a Potential Sector for Export Diversification.”
The Bangladesh Plastic Products Manufacturers and Exporters Association (BPGMEA) organized the program at Cirdap on Tuesday, in association with the World Bank’s Export Competitiveness for Jobs (EC4J) project and the Ministry of Commerce.
An SME credit assessment methodology should be developed on the basis of which commercial banks can accept movable assets as collateral. The strict conditions of the green translation fund and the export development fund should be simplified, she added.
Until April 2021-22, total plastic exports amounted to $128.77 million and toy exports amounted to $37.1 million, accounting for about 29% of total plastic exports, a- she added.
Commerce Secretary Tapan Kanti Ghosh said all possible help will be provided by the government to enrich the plastic sector. Corporate taxes will be reduced this year. It may not be the same as clothes, but it will gradually decrease.
Chairman of Federation of Bangladesh Chambers of Commerce and Industry, Md Jashim Uddin said government has decided to allocate 100 acres of land in Sirajdikhan Chemical Village of Munshiganj to be implemented by the Bangladesh Small and Cottage Industries Corporation, in favor of industrial plastic contractors. . But the price of land is three times higher than usual prices, which small entrepreneurs cannot afford.
BPGMEA Chairman Shamim Ahmed has urged the government to remove additional duties (SD) on all types of toy components to help the sector thrive. Ten years ago, the toy industry was 90% dependent on imports, whereas it is only 10% today.