While the Malaysian government’s insightful ban on polystyrene, plastic bags and straws has business-owners scrambling to comply, a special few recognise the boycott as the critical first step towards Malaysia’s participation in a lucrative new market in recovered plastics. The new Circular Economy in plastic is tipped to generate $320Bn globally, and Malaysia could well capture the lion’s share.
Circular Economy is the term coined for the new-style marketplaces where resources (such as plastics) are used again and again in a continuous cycle of profit and sustainability.
Plastic waste as a resource and a business opportunity is the core of Plasticity – the travelling global forum inspiring plastic circular economy businesses – coming to Malaysia 25 October 2018.
“Malaysia has been chosen to host Plasticity in October because of its strong manufacturing sector, its leadership in the region and its exciting business appetite for new opportunities,” said Mr Douglas Woodring, Founder of Plasticity and Managing Director at Ocean Recovery Alliance.
“Plastic is in high demand with consumption growing faster than population. However, less than 10% of plastic used gets recovered and reused – resulting in plastic pollution clogging our rivers, seas and oceans; being ingested by the fish we eat.
Rather than dwell on the negative, Plasticity focuses on the solutions we can create.
“Clearly the introduction of a bag-ban, while inconvenient at first, is an important signal to the market that new and innovative business models are needed. In this new economy, waste is not wasted – it creates new economic value. Many are trying to capitalise on the move toward the new circular economy for plastics and Malaysia could dominate in the region if businesses get onboard early.”
“Over the past six months, and especially post the election, we have met many Malaysian businesses interested in the opportunities that flow from circular economies. This is new business growth, beyond recycling and waste management – it’s product development, resource harvesting and new business models”, added Ms Trish Hyde, Director at Plasticity and Managing Director of The Plastics Circle.
“Smart businesses globally are looking at plastic waste through a new lens, seeking innovative ways for plastic to be used again and again in continuous circulation. We invite businesses in the region to join a very big conversation at Plasticity.”
To find out more about Plasticity and book a ticket for the forum in Kuala Lumpur, Malaysia on the 25th October – visit plasticity.global