Bangladesh Plastic Goods Manufacturers and Exporters Association president Shamim Ahmed said that the plastic toy sector has the potential of fetching about $1 billion in export earnings in the coming years if it gets adequate policy support.
He also said that the toy sector is currently growing at a rate of 15 per cent a year and is expected to grow by more than 20 per cent by 2030.
The current investment of Tk 4,500 crore is projected to double by then, creating employment for nearly 30,000 people, he hoped.
Shamim was speaking at a pre-event press conference on 鈥楾oy Expo鈥� in the capital on Tuesday.
The two-day 鈥楾oy Expo鈥� is scheduled to be held at InterContinental Dhaka on May 22 and 23. It will be jointly organised by the Bangladesh Plastic Goods Manufacturers and Exporters Association and the Export Competitiveness for Job Project.
He also said that the sector鈥簊 current export earnings are $36 million, and toy exports鈥� cumulative average growth rate is 24 per cent.
Shamim Ahmed also said that, based on this growth, toy exports are estimated to reach approximately $466.31 million by 2030. Bangladesh could become the 28th largest toy exporting country by 2030 if this trend continues.
He added that with these potential rises, Bangladesh could earn $1 billion from plastic toy exports consequently.
He said that the local toy market is worth about Tk聽7,000 crore. In the plastic toy sector, 147 Bangladeshi manufacturers invest about Tk聽4,500 crore in their factories, mostly situated in Keraniganj, Kamrangirchar, various regions of Old Dhaka, Gazipur, and some export processing zones and economic zones.
He added that Bangladeshi manufacturers could meet about 80 per cent of the local demand for plastic toys, while the country depends on imports for the remaining 20 per cent.
The plastic toy sector employs about 20,000 people and can produce 1,000 types of plastic toys priced from Tk聽20 to Tk 5,000.
Regarding the policy support, Shamim Ahmed urged the government to enhance support and facilities in setting up modernised and compliant toy factories.
He also urged the industry stakeholders to focus on product and market diversification.
He urged the government to reduce import duties on various raw materials required for the toy industry.
He also sought government support in transforming the industry with innovative, modernised, and advanced technology as same as competitors like China, Vietnam, or Taiwan.
As toys are innovative products, Shamim Ahmed urged the government to provide infrastructural support to promote the creation of unique and novel toys by managing patent designs.
He also said that just a decade ago, the country imported 9 per cent of plastic toys, but the situation is quite reverse now.
To showcase the potential of Bangladesh, the toy expo could play a vital role.
鈥楤angladeshi products must compete with globally recognised toy brands and, to do this, we need the rapid establishment of a plastic industrial city,鈥� he added.
According to the BPGMEA, 45 companies will showcase their products through 36 stalls, including two pavilions.
BPGMEA senior vice-president KM Iqbal Hossain and vice-president Quazi Anwarul Haque, along with other sector leaders, were present.
