Bangladesh plans to build new specialized jute textile factory

According to a report by Bangladesh’s “Daily Star” on July 3, although the state-owned jute textile industry has been losing money for many years, the Bangladesh government plans to invest 5.19 billion taka in a new professional jute textile factory. The factory is located in Madarganjupazila in Jamalpur district and is scheduled to be completed in 2020. The factory will utilize a mixture of jute and cotton to produce low-priced garments (such as jeans, jackets, shirts, etc.) that can be exported to earn foreign exchange. Data shows that Bangladesh’s state-run jute textile company suffered a loss of Tk 4.89 billion in the just-concluded fiscal year 2017/18. When Bangladesh became independent, there were 82 jute mills under the state-owned Jute Textile Corporation, but now only 26 remain. The Bangladesh government gives state-run jute textile companies an annual budget subsidy of Tk 50-10 billion. (Title: Bangladesh plans to build new professional jute textile factory)