|
|
Change Your Life! |
US investors’ plant to boost up Jute sector |
|
News
|
|
|
August 4, 2000
Dhaka, Aug 3 (UNB) – When country’s jute sector is facing a setback, US investors is likely to set up a jute-based composite plant in Bangladesh with an estimated cost of one billion dollar. Some of the potential investors meeting with State Minister of Jute Jute A K Faezul Huq in New York on Monday said they would set up a plant to produce substitutes of construction material, according to a message received here today. The entrepreneurs representing Proterra Capital and its associates said jute made substitutes of construction material has good market in USA and Europe. They agreed to set up a plant that will consume one lakh metric tons of raw jute annually. Mick Hodges of Proterra and Dra Sherrill Kazan of World Council of Peoples for the United Nations were, among others, present during the meeting. Representatives of the investment companies informed the state minister that an expert team will visit Bangladesh shortly for feasibility study for the proposed plant. Appreciating the initiative of US entrepreneurs, the state minister assured of providing all support and assistance for setting up jute based plant. He told them that the main objective of the government’s economic policy is to provide all out support to the foreign investors. US entrepreneurs have so far registered investment proposals of around one billion dollar with the Board of Investment in Dhaka. Bangladesh’s raw jute export declined to worth US$71.62 million during the last fiscal year. Export of jute goods also dropped by 12.51 per cent to US$265.85 million. Jute production has also been declining due to lack of adequate demand, and the yield this year may be around 40 lakh bales. |