Jute Product Business Promotion Council formed
It will work on the diversification of jute goods and boost its exports
The Ministry of Commerce has formed the "Jute Product Business Promotion Council (JPBPC)" to further expedite the development of the jute sector and exploit its potential.
"It will work on the diversification of jute goods, boosting its exports, incorporation of modern technology, and enforcement of compliance," Commerce Minister Tipu Munshi said while inaugurating the council in a function at the Secretariat yesterday.
The council became operational by forming seven sector-wise councils.
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Tipu Munshi said, "Due to the government's timely action, the golden fibres are now showing a golden dream. We have taken initiatives to increase the export of jute products to various countries including Europe by developing market management."
The government is providing all kinds of support in the production of jute and jute products. Prime Minister Sheikh Hasina has already given necessary instructions to Bangladesh's High Commission or Embassies in different countries of the world to expand the market of jute products.
"The Jute Products Business Promotion Council would play an important role in diversifying jute products and increasing exports to the international market," the minister hoped.
At present, the country produces about 90 lakh bales (one bale is equal to 182 kg) of jute, which is about 70% of global production. In the country's domestic market, the demand for jute bags now increased to 70 crore from the existing 10 crore and the demand for other jute-made products is around Tk1,000 crore.
According to Export Promotion Bureau (EPB) data, Bangladesh fetched around $1.13 billion in the 2021-22 fiscal year through exporting jute and jute-made goods. In the first nine months of the current financial year (July-March), Bangladesh exported jute and jute products worth $70 million.
Presided over by the Senior Secretary of the Ministry of Commerce and Business Council Chairman Tapan Kanti Ghosh, other high officials of the ministry, representatives of various associations related to the jute sector, and other businessmen were also present.
A draft Memorandum of Articles and a Memorandum of Association have been formed to make the Jute Products Business Promotion Council a non-profitable institution under the Company Act. It will be finalised through discussion with the businessmen concerned.
The ministry decided to add eight jute and jute products sector-related associations to the Jute Products Business Promotion Council.
