Dhaka: The Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) has advocated for a significant reduction in tariffs on imported machinery, spare parts, and raw materials for the export-oriented plastic industry. The association has proposed a reduction to a 1 percent import duty, aligning it with the benefits currently extended to the textile industry.
According to Bangladesh Sangbad Sangstha, the BPGMEA made this appeal at a press conference held at the BPGMEA Conference Room in the city. BPGMEA President Shamim Ahmed highlighted the potential of the plastic industry in Bangladesh, stating that the sector is poised for growth. However, he noted that its potential remains untapped due to limited production efficiency and restricted access to modern technology.
Shamim Ahmed emphasized that the complexities surrounding tariffs and VAT on machinery imports are significant barriers preventing many businesses from upgrading their equipment. He also attributed the recent spate of business closures in the plastic sector to the ongoing power and energy crisis, which has further compounded the industry's challenges.
To address these issues and boost the sector's competitiveness on a global scale, Ahmed urged the government to implement a 1 percent duty on imported machinery. He argued that this measure could aid struggling enterprises in recovering and could enhance the country's export performance.