Bangladesh entrepreneurs urged to tap $10 trillion global packaging market
Given its labour-intensive nature and relatively low investment requirements, local entrepreneurs should capitalise on the potential of the $10-trillion global packaging industry, which is nine times larger than the apparel sector, offering significant opportunities for Bangladesh to diversify its export basket.
Mahbubur Rahman, secretary at the commerce ministry, made the remarks while speaking at the launch event of the Export Market Intelligence Platform, held at a hotel in the capital today (29 May).
The event was organised by LightCastle Partners, Shooting Star Limited, and NKSoft on behalf of the commerce ministry.
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Serving as the chief guest, Mahbubur launched the platform's website, exportbangladesh.org, which was developed under the World Bank-funded Export Competitiveness for Jobs project.
Bijon Islam, chief executive officer of LightCastle Partners, delivered the keynote presentation, highlighting the features and benefits of the new platform and how it can support exporters with data-driven insights and market intelligence.
The commerce secretary said that at the end of 2023, the global market size of the packaging industry was $10 trillion, while the apparel sector size was only $1.46 trillion.
"This comparison suggests that the packaging size is nine times higher than the apparel sector," he said.
He further said that the packaging industry is a labour-intensive sector, and it requires low investment as it does not require high technology, and entrepreneurs can seize those opportunities.
Mahbubur said in 2023, China exported packaging products at around $146 billion, India $26 billion, while Bangladesh only $100 million.
Plastic Goods Manufacturers Association President Shamim Ahmed, Bi-Cycle and Parts Manufacturers and Exporters Association President Mushtaque Ahmed Tanvir, World Bank's Senior Private Sector Specialist Hosna Ferdous Sumi and Additional Secretary and Export Competitiveness for Jobs Project Director Abdur Rahim Khan, among others, spoke at the programme.
