Packaging sector businesses urge investment to enter global market

Packaging, printing and publication sector businesses urged the government to increase investment and provide policy support to tap the scope of a billion-dollar international market. 

In the first meeting of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Standing Committee on Printing, Packaging and Publication held on Thursday, committee member Shajada Shuchay Amin made a presentation on the global potential packaging, printing and publishing sector. 

He informed the meeting that the global printing and packaging market is worth about $1,545 billion. 

"If the 1% target is achieved, Bangladesh's potential export volume will be $15.45 billion. There is an opportunity to earn foreign currency and create huge employment through public investment and policy support," he said. 

Speaking as the chief guest, FBCCI President Md Jashim Uddin said that the use of packaging is growing along with the increase in people's income and it will also rise in future. In Europe and America, about 80% of food is processed, which is around 20% in Bangladesh. Therefore, there is a vast potential of this sector. 

He urged the businesses to manufacture international quality products along with export diversification, and industrial compliance to capture the huge potential market.

FBCCI Vice-President and Committee Director In-Charge Md Amin Helaly said that standard packaging is being hampered due to the increased production costs, which poses a threat to the packaging industries. He called for close cooperation between the government and the private sector along with ensuring policy support to exploit the expanding packaging industry and the vast export potential.

The meeting was chaired by committee Chairman and Managing Director of Tampaco Group Saifus Sami Alamgir. He sought necessary policy support from the government, including international market research, to exploit the export potential of the packaging sector.