The New Nation - Internet Edition

Staff Reporter

New investments in plastic industries clogged as the sector was facing immense problems and loosing competitiveness, insiders said at a seminar in the city.

Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) organised the seminar titled 'Opportunities of investment in plastic industries in Bangladesh' with its president Jashim Uddin in the chair.

Recently the government has asked the importers of raw materials of plastic industry to strap the bags writing "imported under bond, not for sale" before delivery of those from the port.

Importers as well as plastic goods manufacturers said this new order is costing them extra sum making them vulnerable in front of their international competitors.

The Tk 10,000 crore industry nowadays lacks new investment moreover many plastic goods factories are closing down.

Industry leaders also said they have to give 25 per cent bank guarantee before opening a letter of credit which also became burden for the industry owners.

Presenting a keynote paper Executive Member of Board of Investment Abu Reza Khan said the government ha provided adequate facilities for investment in Bangladesh.

Industries Secretary Nurul Amin hailed the sector leaders for earning huge foreign currency. He said the industry is incurring 59 per cent growth, which is remarkable.

He informed the seminar that the government is considering an industrial park for plastic industries and the issue is now at the final stage.

BPGMEA vice president Shahedul Islam Helal urged the government to ensure exit plan for businessmen who want to change their business. Turning a business into a limited company and raising fund from stock market should be made easier, he demanded.