Jute sector to get special fund
The government will create a long-term and interest-free fund to develop and revive the jute sector, Textiles and Jute Minister Abdul Latif Siddique told parliament yesterday.
The minister also said the "development fund" will be used to market jute products at home and abroad and to increase their use.
In a reply, he admitted that sales of jute products in the international market decreased to some extent last year, causing financial losses to the local jute producers temporarily.
The minister, however, assured lawmakers of taking various initiatives to revive the jute sector and promote marketing across the world.
The initiatives include increasing production in age-old jute mills, forming a "Raw Materials Bank" for setting up industries aimed at diversification of jute products.
The government will also transform the "Jute Diversification Promotion Centre (JDPC)" into a complete development organisation and set up a "one stop service system" at the JDPC.