Bangladesh MOTJ seeks equal facilities for jute goods like other agro products

YarnsandFibers News Bureau 2015-06-12 14:00:00 – Dhaka

The Bangladesh ministry of textiles and jute (MoTJ) has urged the ministry of finance (MoF) to provide equal facilities for jute goods like other agro products as the country earns a significant amount of foreign exchange by exporting jute and jute goods every year and with a view to keeping employment of the sector unaffected.

Currently, around 40 million people are involved directly and indirectly in the jute industry. So, it is necessary to provide equal treatment to the jute products like the other agro products to keep the existing employment of the sector intact.

The jute sector has long been facing many difficulties. The prices of jute products have declined in the international market due to political unrest in the Middle East countries and economic recession of the Euro zone nations.

The MoTJ in his recent letter to the ministry of finance (MoF) seeks cooperation in this connection.

The government has declared jute goods processing as an agro-based industry. For this, the government should provide the same facilities in favour of jute products like agro items.

Bangladesh Bank has created a refinance fund worth Tk 2.0 billion for the jute sector. Some 16 banks have signed memorandum of understanding with the BB and some Tk 610 million has been disbursed from the re-finance fund. The fund is open for the exporters and traders concerned of the sector, a central banker said.

Presently, all jute goods and goods made of jute yarn enjoy 10 percent and 7.5 percent cash subsidy respectively.

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