Due to its huge appeal in the European market, Bangladesh should look to expanding the jute sector
Jute has a significant role to play in the Bangladeshi economy, and it is commendable that the government is genuinely looking to tap into the potential the golden fibre has to offer.
The prime minister herself has spoken on how valuable the jute sector can be for Bangladesh, and, as a product, it has much to contribute in helping Bangladesh grow as an economic powerhouse.
Due to its huge appeal in the European market, Bangladesh should look to expanding the jute sector, which would be a welcome addition to its massive exports, which is currently being dominated by RMG, and, to a lesser extent, ICT.
What is praiseworthy is the government’s steps taken to do exactly that: Recent meetings with managing director of Centre for the Promotion of Imports of the Netherlands have resulted in fruitful discussions with aims to tap into the potential of jute, and how it can take advantage of an open European market.
Hans Obdeijn, the managing director in question, has promised aid and assistance in helping Bangladesh focus on the EU market and this is an opportunity that our economy cannot afford to pass up.
The diversification of our imports basket has been on the agenda for quite some time, and the government has taken necessary steps to ensure that we as a nation continue to branch out and explore different avenues of generating revenue for the imports sector.
Jute, in this regard, offers a substantial avenue for such an expansion, and should remain a priority -- and a necessary next step -- if the government wishes to meet the demands of diversification and job creation within the economy.
The sector has received quite a few blows since Bangladesh’s independence in 1971, and it is encouraging to see the government take a proactive approach to reviving the industry to its full potential.