Export Sector Roadmaps for Plastic and Light Engineering Growth Projections Needs Alignment With Upcoming Export Policy

Business Initiative Leading Development (BUILD) and the Ministry of Commerce jointly organized a validation workshop to finalize the Export Roadmaps on Plastic and Light Engineering Sectors on January 18, 2022. Mr Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, attended the meeting as the Chief Guest.

Held in Export Competitiveness for Jobs (EC4J) project office, BUILD shared two presentations on Export Roadmaps on Plastic and Light Engineering Sectors, respectively.

Senior Secretary, Ministry of Commerce endorsed the projection of BUILD for the plastic sector roadmap to be the 40th largest exporter by 2030. In order to meet the target, he asked the stakeholders regarding the need to support since the government is keen to see higher export growth through relevant policy interventions. He also directed relevant agencies to accomplish their tasks outlined in the action plan ahead of the deadline.

Tapan Kanti Ghosh, Senior Secretary of Commerce, mentioned that Viet Nam could enhance its light engineering and bicycle export because they secured significant FDI. After 2026 when Bangladesh graduates from LDC status, the government will not extend cash subsidy but provide support in the forms of research, knowledge, logistics, and so on. Bangladesh needs to shift its product concentration to sectors like light engineering to move upwards in its industrialization pathway gradually. As Bangladesh will upgrade from being the 43rd largest economy to the 25-26th economy in 2030, greater FDI may be attracted, and the ease of doing business may be gradually improved. With proper factor analysis, the projected target for 2030 can be upgraded.

Enclosed are the press releases (in English and Bangla) for your kind consideration. Please feel free to contact us for any queries.