INP-WealthPk

Production of Plastic Products In Pakistan Witnesses Huge Growth

April 05, 2022

By Muhammad Asad Tahir Bhawana ISLAMABAD, April 05 (INP-WealthPK): The production of quality plastic products in Pakistan has witnessed huge growth, said the event director of the 8th edition of PakPlas Expo, held at Karachi Expo Centre from March 25 to 27, 2022. PakPlas, organised by Pakistan Plastic Manufacturers Association (PPMA), was a leading exhibition for boosting the production of plastic products. According to the organisers, around 200 local and international companies and 50 exhibitors participated in the exhibition. PPMA President Zakira Usman said that Pakistan's local plastic industry has a significant role in development of the country. He said the event was organised to promote plastic industry in Pakistan. President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal urged the government to facilitate the plastic industry. He said the government should provide incentives to local industry and business community for exports to increase the share of the plastic industry in foreign trade. Pakistan's plastic industry shows an upward trend in terms of exports. According to data released by Pakistan Bureau of Statistics (PBS), in February, Pakistan exported plastic products worth $46.730 million as compared to the previous month when exports were at $33.338 million. Plastic products exports in the same month of last year were $23.617 million. The year-on-year (YoY) data also shows a positive trend. In the current fiscal year, exports of plastic materials increased up to $266.642 million (July-February 2021-2022) as compared to the same period of last year when exports were at $209.533 million. The plastic industry in Pakistan has great potential. It needs proper focus from the government to make it technologically advanced. The recently-concluded exhibition encouraged a lot of investors to invest in this industry, WealthPK reported. As a result of the exhibition, a large number of global technologies, materials, and service providers showed their interest to invest in the plastic industry of Pakistan. Over 100 multinational companies attended the event. Participants from 25 countries represented companies from the United States, UK, Germany, Japan, Turkey, Korea, Switzerland, Italy, and Iran. Experts at the exhibition said that by highlighting innovative methods and trends for efficient industrial recycling of plastic, the exhibition will contribute a lot to enhancing the exports of plastic products and also promote sustainability for the environment.