Bangladesh's prospect for jute export is growing. In the last couple of months, there have been a number of reports published in the media regarding such opportunities. Increase in demand for this environment-friendly crop has created a potential market for Bangladesh. So in line with such a potentiality, the government has already taken initiatives to reopen the country's sick and closed jute mills as well as launch programmes to increase jute yields to support the industries.
So it is now the task of all stakeholders to keep the enthusiasm thus created in the jute sector. The government needs to encourage the private sector more to invest in this agro-based industrial sector. Private sector must also look into different avenues in a planned way to diversify its growth.
Recently, a report was published to the effect that Itochu, a Japanese leading company, has decided to establish a joint-venture jute plant in the country to produce jute-based fabrics which can be exported to the developed countries like Japan, the US and Europe. But there are still scopes for attracting more foreign direct investments (FDIs) to this sector.
Bangladesh was traditionally known as a jute-producing country or a country of the golden fibre. But for reasons of our lack of knowledge about modern technology or about the demand of jute in the international market, we have lost the country's pride and identity. So FDIs can help us to bring about a revolution in the jute sector as well as restore the past glory again. The government's encouragement and incentives like training on quality products, understanding the international market, etc., can assist in this regard.