BTMC mills to be privatised as per PPP model, says Latif
Monday, 10 August 2009
FE Report
Textile and Jute Minister Abdul Latif Siddiqui said Sunday that mills under the Bangladesh Textile Mills Corporation (BTMC) would be privatised following the public private partnership (PPP) model.
He was speaking at a discussion on the jute and textile sector organized by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in the city.
"I'm urging you (businesses) to come up with concrete proposals to buy the BTMC mills," he said.
He also said the private entrepreneurs will have the controlling power and the government will hold very minimal shares in the state-owned enterprises.
"I am saying this with responsibility, but you must develop the existing textile mills, you will not be allowed to do other business there," the textile minister said while speaking at the discussion on the Existing Situation of the Textile and Jute Sector.
Currently, the BTMC has 28 mills across the country and the mills are being operated applying age-old technologies.
"I know making the mills profitable will be tough as most of the machinery has been out of order," he added.
He, however, said not a single mill belonging to the Bangladesh Jute Mills Corporation (BJMC) will be divested.
"Closed mills under the BJMC will resume operation one after another, we'll not hand over them to the private sector," Mr Latif added.
The textile minister said banks should continue providing working capital to the mills and factories to ensure their smooth operation.
"I don't understand why banks stop providing working capital to the factories after providing loans," he added.
He said he would pursue the issue saying: "The FBCCI should also come forward with effective steps in this connection."
On the financial package, the textile minister said the government will take a decision concerning the issue within the next one week.
Mr Latif said the ready-made garment (RMG) manufacturers are harping on losses following the start of the global recession.
"They are saying about losses, but they continued to take better treatment in Singapore," he added.
Abdul Latif slammed some businessmen, who supported the military-backed government, saying: "The business people should advocate a constitutional government, not any military or unconstitutional government."
FBCCI president Annisul Huq was the moderator at the programme. FBCCI first vice president Abul Kasem Ahmed, vice president Abul Alam Chowdhury and other business leaders also spoke at the function.
Textile and Jute Minister Abdul Latif Siddiqui said Sunday that mills under the Bangladesh Textile Mills Corporation (BTMC) would be privatised following the public private partnership (PPP) model.
He was speaking at a discussion on the jute and textile sector organized by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in the city.
"I'm urging you (businesses) to come up with concrete proposals to buy the BTMC mills," he said.
He also said the private entrepreneurs will have the controlling power and the government will hold very minimal shares in the state-owned enterprises.
"I am saying this with responsibility, but you must develop the existing textile mills, you will not be allowed to do other business there," the textile minister said while speaking at the discussion on the Existing Situation of the Textile and Jute Sector.
Currently, the BTMC has 28 mills across the country and the mills are being operated applying age-old technologies.
"I know making the mills profitable will be tough as most of the machinery has been out of order," he added.
He, however, said not a single mill belonging to the Bangladesh Jute Mills Corporation (BJMC) will be divested.
"Closed mills under the BJMC will resume operation one after another, we'll not hand over them to the private sector," Mr Latif added.
The textile minister said banks should continue providing working capital to the mills and factories to ensure their smooth operation.
"I don't understand why banks stop providing working capital to the factories after providing loans," he added.
He said he would pursue the issue saying: "The FBCCI should also come forward with effective steps in this connection."
On the financial package, the textile minister said the government will take a decision concerning the issue within the next one week.
Mr Latif said the ready-made garment (RMG) manufacturers are harping on losses following the start of the global recession.
"They are saying about losses, but they continued to take better treatment in Singapore," he added.
Abdul Latif slammed some businessmen, who supported the military-backed government, saying: "The business people should advocate a constitutional government, not any military or unconstitutional government."
FBCCI president Annisul Huq was the moderator at the programme. FBCCI first vice president Abul Kasem Ahmed, vice president Abul Alam Chowdhury and other business leaders also spoke at the function.