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BJMC ponders over privatization of jute mills
Feb '08
The Bangladesh Jute Mills Corporation (BJMC), world's biggest state owned manufacturing and exporting organization of Jute products, is facing huge losses these days. Instead of making profits, the organisation, resulting shut downs, is leaving its workers jobless.

As a result BJMC, has decided upon privatization of mills and use the capital to pay its liabilities. Earlier, it had invited tenders to lease out 7 jute mills out of 18. But found only two tenders appropriate for giving the operational responsibilities.

However, yesterday, the Advisory Committee on Economic Affairs, rejected the proposition of privatization of its two mills, Peoples Jute Mills and Qaumi Jute Mills.

BJMC received the proposal of Tk6.13 crore annual fee for Peoples Jute Mills and Tk4.81 crore for Qaumi Jute Mills from two local firms.

According to sources, the leasing proposal was turned down as BJMC needs to review the policy further, due to certain obstructions in the procedure.

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