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Bangladesh, China sign MoUs for modernizing jute mills
23 Aug '14
1 min read
Jute mills in Bangladesh are expected to get modernized as the country has signed three memorandum of understandings (MoUs) to receive technical assistance from China, BSS reported.
As per the MoUs, all the 26 old jute mills under the Bangladesh Jute Mills Corporation (BJMC) will be surveyed with the grant to be provided by the Government of China.
Subsequently, the China TextMatek Company (CTMC) will undertake Balancing, Modernization, Rehabilitation and Expansion (BMRE) work at these jute mills.
In addition, the Government of China will also provide technology support for manufacturing latest and diversified jute items at the BJMCE jute mills.
As per the MoU, the Chinese Government will provide credit at 1.5 percent interest to Bangladesh for executing BMRE work. The amount so lent would be refundable within 20 years period.
BJMC is the biggest employer in the industrial sector of Bangladesh. It provides direct employment to about 70,000 workers and 5500 officers & staffs supporting the livelihood of around 6 million farm families. More than 50 million people are directly or indirectly involved with jute and jute related industries in Bangladesh, according to the BJMC website.
Fibre2fashion News Desk - India
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