Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, February 21, 2018 05:24:41 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Tk 1000cr fund to boost jute output

photo by

By
12th-Oct-2017       
Comments
Share your thought
Post a comment »
Read all () »

Economic Reporter :
The government is considering creating a Tk 1000-crore special fund to boost the production of jute for earning more foreign exchange after meeting the local demand, incorporating the golden fibre into the list of agro-products.
Prime Minister Sheikh Hasina on March 6 last officially declared that jute and jute goods will be considered as agro-based products so that this foreign exchange-earning sector could get all the benefits the country's other agro-based items get.
A process is underway to accept a proposal for increasing the cash incentive for this sector from 7.5 percent, according to an official document.
It also mentioned that the government is actively considering creating a special fund of Tk 1000 crore, like the Export Development Fund (EDF) of Bangladesh Bank, at a 2 percent interest rate.
"The formation of the fund is underway," the document said, adding that jute and jute goods exporters can get low-interest loans from the fund.
Currently, exporters producing products using imported raw materials are getting loans at only 2 percent interest rate from the EDF.
According to officials at the Textiles and Jute Ministry, the government has taken the initiative to revive the past glory of the country's jute industry.
 Bangladesh usually exports jute to India, Pakistan, China, Nepal, Germany, Korea, Brazil, Djibouti, Russia, Vietnam, Ivory Coast, the USA, the UK, El Salvador, Iraq and Iran.
The country earned US$167.84 million from exports of raw jute and US$794.58 million from jute goods in 2016-17 fiscal year while $173.17 million from raw jute exports and $746.41 million from jute goods in the fiscal 2015-16.
The Awami League government opened five state-run jute mills which were remained closed. These mills are -- People's Jute Mills (presently named Khalishpur Jute Mills), Quwami Jute Mills (presently named Jatiya Jute Mills), Doulatpur Jute Mills, Karnaphuli Jute Mills and Forat-Karnaphuli Jute Mills.
Of them, People's Jute Mills, Quwami Jute Mills, Karnaphuli Jute Mills and Forat-Karnaphuli Jute Mills were shut down on July 31, 2007 during the army-backed caretaker government.
The present government resumed the operation of People's Jute Mills on March 5, 2011 while Quwami Jute Mills went into operation again on April 9, 2011, and Karnaphuli Jute Mills January and Forat-Karnaphuli Jute Mills on 26, 2013.
Doulatpur Jute Mills went out of operation on December 8, 2002 during the BNP-Jamaat regime and it was reopened on January 24, 2013.
According to the official document, the government has taken steps to conduct BMRE (balancing, modernisation, renovation and expansion) of 26 jute mills which are 50-60 years old gradually at a cost of Tk 6000 crore with the assistance of China.
The government also made it mandatory to use jute bags for packaging 17 items, including paddy, rice, wheat, corn, fertiliser, sugar, chilli, onion, ginger, potato and others under a law formulated in 2010.
"The number of items will be increased gradually," a senior official at the Textiles and Jute Ministry said, adding that the demand of jute and jute goods is increasing in the local market.
 To make the jute and jute goods more popular, he said, the government for the first time observed the Jute Day on March 6 this year.
"Removing various hurdles to the markets of Middle Eastern and African countries, the government is trying hard to increase the export of jute and jute goods," he said.
It is very much sincere to develop the country's jute sector as this product is related to the independence movement, the official said.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Ekushey tells us to be free and fearless against injustice


THE Nation celebrates 'Amar Ekushey' today with due solemnity and colourful festivities to remember the Martyrs of the 1952 Language Movement. It is a landmark occasion and a day of awakening in the history of Bengali people that gave us the clear realization that we have our own language and ...

Cricket »

Captain of Bangladesh National Cricket (ODI) team Mashrafe Bin Mortaza handing over a crest of honour to Hafiz Yasin Arafat at the Bashundhara International Convention Centre in the city recently. Yasin Arafat became Hafiz-e-Quran in 86 days. He was a student of Tanjimul Ummah Hifz Madrasah of Cox's Bazar. Ahlul Huffaz Foundation Bangladesh arranged the reception programme.


Sports »

Medalists in the ice dance, free dance figure skating (from left) : Gabriella Papadakis and Guillaume Cizeron, of France (silver), Tessa Virtue and Scott Moir of Canada (gold) and Maia Shibutani and Alex Shibutani of the United States (bronze) pose during their medals ceremony at the 2018 Winter Olympics in Pyeongchang, South Korea on Tuesday.


International »

Trump backs improved background checks on gun buys


US President Donald Trump signaled support Monday for improving background gun checks amid mounting pressure for reform in the wake of the Florida school shooting, as the accused gunman appeared in court.Nikolas Cruz, charged with killing 17 people, sat silently with his head bowed during a procedural hearing in Fort ...

International »

Nepal wants to deepen ties with China: K P Oli


PTI, Kathmandu : Nepal's new Prime Minister K P Oli has said he wants to deepen ties with China to explore more options and get more leverage in his dealings with India "in keeping with the times". Mr Oli, widely regarded as pro-China, also said he wants to "update" relations with ...

Business & Economy »

M Fakhrul Alam, Managing Director of ONE Bank Limited and Rezaul Islam, General Manager of Bangladesh Bank sign a participatory agreement regarding use of JICA assisted Foreign Direct Investment Promotion Project fund recently. Governor Fazle Kabir, Deputy Governor Abu Hena Moh. Razi Hasan, Executive Director Ahmed Jamal of Bangladesh Bank, chief representatives of JICA Bangladesh office Takatoshi Nishikata and among other were also present on the occasion.


Entertainment »

Inspired by the journey of Deepika and Anushka: Nidhhi Agerwal


Nidhhi Agerwal who hails from Bangalore and is living independently in Mumbai currently believes Deepika and Anushka's journey to the top has inspired her a lot. Just like the other two Bollywood divas, Nidhhi also went through her part of the struggle to make it to Bollywood. The young actress ...

City »

Law enforcers intercepted women leaders and activists of Jatiyatabadi Chhatra Dal when they were going to visit BNP Chairperson Begum Khaleda Zia with fruits at Old Dhaka Central Jail on Tuesday.


Sports »

Medalists in the women's 12.5-kilometer mass start biathlon (from right) Belarus' Darya Domracheva (silver), Slovakia's Anastasiya Kuzmina (gold) and Norway's Tiril Eckhoff (bronze) pose during their medals ceremony at the 2018 Winter Olympics in Pyeongchang, South Korea on Sunday.


Entertainment »

I am very excited about working with Akshay Kumar: Parineeti


Parineeti Chopra, who will be sharing screen space for the first time with Akshay Kumar, says she is excited to work with the superstar in Kesari.The film, being directed by Anurag Singh, will see Akshay essaying the role of Havildar Ishar Singh, while Parineeti plays his wife."(I) am very excited ...

Editorial »

We welcome UK`s removal of ban on direct air cargo


THE UK government has fully withdrawn the two-year-long ban on direct cargo flights from Dhaka to London ending the plight of exporters, particularly garment exporters who were facing difficulty to make emergency shipment of samples and other cargo to buyers within the stipulated time. The British government said it is ...

City »

Buyers flip through the books at a stall of Amar Ekushey Book Fair on Bangla Academy premises in the city on Monday.


International »

Syrian forces to back YPG` in fight against Turkey


Al Jazeera News :The Kurdish YPG fighters claim they have reached a deal to allow Syrian government troops to enter Afrin in the northwestern part of the border town.Nuri Mahmoud, a spokesman for the People's Protection Units (YPG), told Al Jazeera on Monday that they are calling on the Syrian ...

Editorial »

Cleansing operation to stop leakage of question


QUESTION leakage during the ongoing SSC examination showed that the government has no power and the Education Ministry has no control over the corrupt people handling the question papers. So far questions of all 10 tests were openly available around the examination centers in Dhaka city and other places from ...

Sports »

Simidele Adeagbo of Nigeria reacts in the finish area after the final run of the women's skeleton competition at the 2018 Winter Olympics in Pyeongchang, South Korea on Saturday.


 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news