10% financial aid sought for plastic goods exports

Bangladesh Plastic Goods Manufacturers & Exporters Association has asked for a 10 percent cash assistance for plastic product exports.

Referring to Bangladesh Bank's decision to cut the assistance to 8 percent, the leaders of the organisation have opined that the sudden reduction would impact the industry adversely.

The BPGMEA issued a press statement highlighting the key points in this regard on Thursday.

According to the media release, the plastics sector earned $209.86 million from exporting products to 126 countries in the financial year 2022-23. The backward linkage industry generated $950 million by exporting accessory items to other industries. This created employment for 1.5 million individuals.

Various entities, including as India's Export Development Fund, Vietnam Trade Policy and Promotion Project, and even affluent nations like the United States, provide subsidies for cotton cultivation, it said adding that Bangladesh will face the challenge of double transformation after 2029.