KUALA LUMPUR, March 6 (Xinhua) -- China's recent move to ban foreign plastic trash imports has bolstered the plastic recyclers business in the Southeast Asia, as the Western nations are looking to export more plastic waste to the region followed the ban.
Heng Hiap Industries, a Malaysian recycling company, has seen its year-to-date handling waste volume surged by 28 percent year-on-year, as a result of the ban, according to its founder and chief executive officer Seah Kian Hoe.
"We are working towards our target sales growth of 25 percent this year," Seah told Xinhua in a recent interview. The better result will be supported by its export sales effort and increased capacity.
The material shortage and market readiness from China will indirectly boost the group's business as well, according to Seah.
The Johor Baru-based company is able to recycle up to 4,000 tons of plastic scraps per-month, which is about 48,000 tons per year.
Operationally, Seah aims to grow contribution from China to 10 percent this year from less than 2 percent currently.
"We are talking with some potential customers in China. The timing and opportunity are good for us," he said. More than 70 percent of the group's output has been exported to 150 countries, including China.
Seah did not rule out the possibility of a merger and acquisition plan in the region to enlarge the group's business.
"In terms of an organic growth, I still think it is too slow to make a real impact. We want to maximize our impact regionally," he added.