Jute sector could fetch up to $7b: Minister

Bangladesh can boost its jute sector export earnings from the current $1 billion to up to $7 billion, Textiles and Jute Minister Khandaker Abdul Muktadir has said.
He was speaking at the inauguration of diversified jute products fair at the Jute Diversification Promotion Centre (JDPC) in the capital's Farmgate on Tuesday, reports bdnews24.com.
Recalling the golden era of the sector, the minister noted that in the 1972-73 fiscal year, jute and jute goods accounted for nearly 90 per cent of the country's total export earnings -- contributing $313 million out of a total $348 million.
"While Bangladesh's total export earnings have now risen to $50-55 billion, jute's contribution remains stagnant at around $1 billion," Muktadir said.
"To tap into this unrealised potential, the government has adopted a time-bound action plan."
The minister emphasised that achieving self-sufficiency in high-quality jute seed production is the primary goal for sustainable development in the sector.
Bangladesh currently requires around 6,000 tonnes of jute seeds annually, a demand heavily reliant on imports.
To ensure fair prices for farmers, Muktadir stressed the need for product diversification, innovative designs, and expanding into high-value global markets through increased investment in research and technology.
He also shared plans to partner with leading Chinese universities to improve productivity, develop
superior seeds, and design export-quality goods.
A comprehensive roadmap is being drafted in collaboration with the JDPC and private sector stakeholders.
The minister added that state-owned jute mills are being swiftly transitioned to private management to ensure modernisation, increased production, and profitability.
Muktadir highlighted that Prime Minister Tarique Rahman is "highly keen" on reviving the sector's lost glory, adding that the government will regularly monitor progress under a structured timeline.
State Minister for Textiles and Jute Md Shariful Alam also spoke at the event, calling for a collective economic and social revolution in the industry.
He noted that reviving the sector would generate substantial foreign currency and drive socio-economic development for rural farmers and industry stakeholders alike, ultimately creating new employment opportunities across rural and urban areas.
The fair will remain open to the public daily from 10:00am to 9:00pm until May 23.