About MPHPBPC, Key information
Medicinal plants and herbal products have been recognized as a sector having enormous potentials for export. It has a large domestic market, but its potential for By this time, there are some reported individual export efforts by some companies. Our closest neighbor India has an annual export turnover of more than two billion dollar. Adopting right technology, preparing an information base in respect of market and products, and acquiring appropriate skill sets required for producing products for international market will critically help the growth of the medicinal plants and herbal products as a potential export sector of Bangladesh.
Export Policy 2003-06 recognized formation of sector/product-based business promotion councils for export promotion and diversification through addressing problems related to capacities of the industry in particular. The need for forming a Council for the medicinal plants and herbal products has been felt by the industry and other stakeholders since mid-2003 following the formation of the first Council for the information and communication technology (ICT) in April 2003. This has received additional impetus with the inclusion of the medicinal plants and herbal products as a priority sector in the Export Policy 2003-06. Thus the initiative spearheaded by the Ministry of Commerce (MOC) took particular shape with the formation of a committee headed by its the then Joints Secretary (export) to draft memorandum of association (MOA) and articles of association (AOA), and a work plan for immediate implementation. The committee members included representatives from leading industry associations, related ministries, and Export Promotion Bureau (EPB). It took about two years’ intensive negotiation and dialogue among the stakeholders to preparing draft MOA and AOA for the proposed Council. Formal signing ceremony for forming a Council was held on April 09, 2006 and it was incorporated as a non-profit company under Section 28 of the Companies Act 1994 on 24 April, 2006.
International market of medicinal plants is over US$ 60 billion per year, which is growing at the rate of 7%. China and India are two great producers of medicinal plants having more than 40% of global bio-diversity. China besides meeting its domestic requirement is earning US$ 5 billion per year from herbal trade. According to the World Bank report 1998, world trade in medicinal plants and related products is expected to be of the order of US$ 5 billion by AD 2050 indicating tremendous export opportunities of medicinal plants. It is estimated that current demand of medicinal plants in neighboring India for internal use is about 2.4 lac tones annually and it is growing at the rate of 20%.