Government to facilitate private sector to stimulate investment, employment

The government has reaffirmed its commitment to promoting private sector investment to revive idle state-owned industrial assets, saying the initiative will help accelerate industrialisation, boost exports and generate thousands of new jobs.

Commerce, Industries and Textiles and Jute Minister Khandakar Abdul Muktadir made the remarks on Thursday (July 9) while addressing the signing ceremony of a lease agreement between the Bangladesh Jute Mills Corporation and Bangladesh Jute Alliance Limited at the Bangladesh Secretariat.

Under the agreement, BJMC has leased 14.80 acres of land in Narsingdi to Bangladesh Jute Alliance Limited to facilitate fresh private investment and expand industrial production.

The minister said government-owned business entities often face operational constraints, while private enterprises generally demonstrate greater efficiency in management and production. He said the government is encouraging private sector participation to ensure better utilisation of state assets, attract new investment and create sustainable employment opportunities.

Speaking at the programme, State Minister for Textiles and Jute Md Shariful Alam said the government has selected 20 of BJMC's 25 closed mills for leasing, with 14 lease agreements already signed.

According to him, nine leased mills have resumed production, generating employment for around 9,500 workers and producing nearly 160 metric tonnes of jute products daily.

Shariful Alam said Bangladesh Jute Alliance Limited, which previously leased 34.50 acres and created employment for about 3,200 people, will now invest an additional Tk 1,050 crore under the new agreement.

The fresh investment is expected to generate annual production worth around Tk 3,000 crore and create another 3,000 jobs, further strengthening Bangladesh's jute sector and export capacity, he added.

He said attracting private investment into closed state-owned mills would play a vital role in revitalising the country's industrial base while supporting the government's long-term economic development strategy.

The signing ceremony was attended by Dr Nasimul Gani, Dr Khairuzzaman Chowdhury and senior officials of the Ministry of Textiles and Jute.