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Home / Knowledge / News / Textiles / Private sector plans to revitalize moribund jute industry
Private sector plans to revitalize moribund jute industry
15
Jul '08
The private operators of state owned jute mills said that they will turn the loss booking units into profit making factories by producing good quality products. This statement was made recently in a conference, held at the Jute and Textile Ministry conference room in the Secretariat.

According to experts if the units are to operate at full capacity and manufacture good quality products, it may not be hard to generate profits from the earliest.

The conference was attended by Md Anwarul Iqbal, Textiles and Jute Adviser, Abdur Rashid Sarker, Textiles and Jute Secretary and Md Atharul Islam, Chairman of Bangladesh Jute Mills Corporation (BJMC).

The present caretaker Government had shut down eight state-owned jute mills last year to lessen losses. Five out of the eight units were handed over to private operators under lease agreement.

Some of the entrepreneurs who got leases are Kazi Farms for Peoples Jute Mills, Nature Back for RR Jute Mills and MM Jute Mills, Saad Musa Fabrics for Kharnaphuli Jute Mills and FK Carpet Factory. The authorities are also looking forward to re open few other units namely Aleem Jute Mills.

According to the deal, the operators will bear all the liabilities during the lease tenure, however, the Government will have to clear all the previous dues. The Government will get a lease fee and if private operators make profit they will share it.

Experts believe that, once the mills start operating, it will create employment opportunities on a large scale.

After looking at the constant losses being booked by the Bangladeshi jute mills the Council of Advisers' Committee on Economic Affairs had decided to hand over the working of units to private operators.

This decision was taken in October 2007 for revitalizing the sector which was once the main foreign-exchange earner for the nation.


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